SAL
SAL
SAL - Sallies Limited - Changes To The Board
SALLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code: SAL ISIN ZAE000022588
("the company")
CHANGES TO THE BOARD
Pursuant to paragraph 3.59 of the JSE Limited Listings Requirements, the company
hereby informs shareholders that Mr Izak Marais has resigned as a director and
CEO with effect from today, 3 October 2007.
Marais joined Sallies in 2003 and was appointed CEO on 1 November 2005. During
this time he maintained dual responsibility as Managing Director of both Witkop
Fluorspar Mine and Buffalo Fluorspar Mine.
Marais said that despite the many achievements made by the Group in challenging
environments during his stewardship, he believed that the ongoing losses being
suffered by shareholders warranted a change at the helm.
Tom Dale, former director of Gencor and Managing Director of Gold Fields
Limited, and currently Non-Executive Chairman of Sallies has been appointed as
CEO with immediate effect.
In terms of the King II report, the Sallies Board will give urgent consideration
to the separation of the roles chairman and CEO. Johann Blersch currently a non-
executive director of Sallies has been appointed Executive Commercial Director
with immediate effect.
As a tribute to Marais, Dale highlighted the difficult circumstances through
which the company had been navigated. "Izak Marais has a unique knowledge of
this intricate business, from the geology and mining in the pits to the
fastidious quality control demanded by customers. This will be sorely missed."
Dale gave thanks to Marais for his dedication during his time as CEO of the
company and wished him well for the future.
Dale said his own short term focus would be on creating and motivating a winning
team which could cost-effectively exploit low grade ore deposits.
Johannesburg
3 October 2007
Sponsor
Sasfin Capital
(A division of Sasfin Bank Ltd)
Date: 03/10/2007 17:30:02 Produced by the JSE SENS Department.
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