BELL EQUIPMENT LIMITED - Changes to the CEO incumbent and the board

Changes to the CEO incumbent and the board

BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/013656/06
Share code:BEL
ISIN:ZAE000028304
("Bell Equipment" or "the Company")


CHANGES TO THE CEO INCUMBENT AND THE BOARD

In compliance with paragraph 6.71 of the JSE Limited ("JSE") Listings
Requirements, shareholders of Bell Equipment ("Shareholders") are hereby
advised that Mr Ashley Bell has tendered his resignation as chief executive
officer ("CEO") so that he may return to a more active role in the
management of his own business interests, which were established prior to
his appointment as Bell Equipment CEO. Ashley will step down as CEO with
effect from 31 August 2026.

The Board is pleased to announce the appointment of Mr Izak Jacobus
Marthinus van Niekerk as the CEO designate with effect from 5 July 2026
and as CEO with effect from 01 September 2026. The Board has reviewed the
independent fit and proper assessment performed on Izak in terms of
paragraph 6.73 of the JSE Listings Requirements and is satisfied with the
outcome thereof. In terms of the Company's Memorandum of Incorporation
Izak will, upon taking up his position as CEO, become an executive director
of the Company.

Ashley will continue to make himself available on an ad hoc basis beyond
31 August 2026, if and when required, to support a smooth transition and
handover to Izak.

Ashley joined the Bell Equipment Board of Directors in 2015 as a non-
executive director, and was appointed as the CEO with effect from 1
January 2024. Mr Gary Bell, Chairman of the Board, thanked Ashley for
his solid contribution to Bell Equipment during his tenure as CEO
saying, "Ashley has done a fantastic job leading the executive
management team through a challenging period, during which markets have
been in decline, and uncertainty has been a major theme globally.
Despite the headwinds impacting our industry and business over the last
two and a half years, considerable progress has been achieved in the
ongoing implementation of our strategies, including the broadening of
our product range, inventory optimisation, consolidation and cash
preservation initiatives, as can be seen through the improvement to our
balance sheet".

Shareholders are further advised that the Board has resolved to appoint
Ashley as non-executive director to the Board, effective upon him
vacating his position as executive director on 31 August 2026. The Board
has also reviewed the independent fit and proper assessment performed on
Ashley in terms of paragraph 6.73 of the JSE Listings Requirements and
is satisfied with the outcome thereof. The Board looks forward to
Ashley's continued participation on the Board in the position of a non-
executive director.

Izak holds a BSc Engineering degree, as well as BCom Hons degree and an
MBA. He brings with him strong engineering and commercial experience, and
an intimate understanding of the yellow metal industry and the Bell
Equipment operations specifically, having worked for the Company from 2003
to 2016. During the more than 13 years that Izak worked for Bell Equipment,
he contributed to the business in engineering, supply chain management,
marketing, and sales and distribution.

Mr Gary Bell, Chairman of the Board said "on behalf of the Board, we
extend our congratulations to Izak on his appointment. He will be a great
asset to the Bell team. He will be supported by a strong executive team
and a dedicated Board."


Richards Bay
11 June 2026

Sponsor
INVESTEC BANK LIMITED

Date: 11-06-2026 10:00:00
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