CMO
CMO
CMO - Chrometco - Resignation Of Director, Appointment Of New Chairman And
Further Restructuring Initiatives
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
JSE Code: CMO & ISIN: ZAE000070249
("Chrometco" or "the Company")
RESIGNATION OF DIRECTOR, APPOINTMENT OF NEW CHAIRMAN AND FURTHER RESTRUCTURING
INITIATIVES
The board wishes to inform shareholders of the following restructuring
initiatives currently taking place:
1. RESIGNATION OF DIRECTOR
In compliance with paragraph 3.59 of the JSE Listings Requirements, the
board wishes to announce that Mr John Raubenheimer has resigned as non-
executive chairman with effect 19 August 2008. Mr Raubenheimer`s
resignation is due to his pursuing other business interests, which may give
rise to conflict with his responsibilities at Chrometco. The Board thanks
Mr Raubenheimer for his valued contribution to the company and wishes him
well in his future endeavors.
2. APPOINTMENT OF NEW CHAIRMAN
The board is pleased to announce that Mr Paul Baloyi, currently a non-
executive director, has been appointed as non-executive chairman of the
board. Mr Baloyi is an experienced financial professional with over 14
years in senior management at major African financial institutions. He is
currently Chief Executive and Managing Director of the Development Bank of
Southern Africa.
3. FURTHER RESTRUCTURING INITIATIVES
Shareholders are hereby also informed that Chrometco is presently
considering at least two possible restructuring scenarios, with the
objective of re-positioning the company from an operational and management
perspective for the future. The board is excited about these initiatives
and aim to be in a position to present these at the upcoming AGM.
Johannesburg
18 August 2008
Designated Advisor
River Group
Date: 18/08/2008 10:52:02 Produced by the JSE SENS Department.
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