| Tue 11 Nov 2008, 13:19 | | SIM - Simmers - RMB Representative Appointed To Simmers` Board |
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SIM
SIIF
SIM - Simmers - RMB Representative Appointed To Simmers` Board
Simmer & Jack Mines, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM & ISIN Code: ZAE000006722
("Simmers" or "the Company")
RMB REPRESENTATIVE APPOINTED TO SIMMERS` BOARD
Gold and uranium miner, Simmer and Jack Mines, Limited ("Simmers or the
Company") (JSE: SIM), is pleased to announce the appointment of Mr. Martin
Oberholster, co-head of Rand Merchant Bank ("RMB or the Bank") Principal
Investments, to the Simmers` board. Mr Oberholster takes up the post of non-
executive director with immediate effect.
RMB will be taking delivery of 13% of Simmers` issued share capital
following the collapse of South African brokerage firm, Dealstream Securities
(Pty) Limited ("Dealstream") in September 2008. Settlement of the Dealstream
single stock futures contracts and delivery of the physical shares to RMB
will take place during the December 2008 and March 2009 futures close out. As
a result RMB will become Simmers` largest institutional investor.
Gordon Miller, chief executive of Simmers, said that the Company was
delighted to have the benefit of Mr Oberholster`s experience in financial
services.
"We`ve been in discussions with RMB ever since Dealstream was put into
liquidation and the bank has made it clear that it wants to play a key role
in unlocking the value inherent in the Company," said Miller.
A qualified chartered accountant, Mr Oberholster has more than 15 years
experience in financial services, primarily with RMB where he served as Chief
Credit Officer from 2001 to 2007.A former member of the RMB Proprietary Board
and of the RMB Management Board, Mr Oberholster has also served as Chairman
of the Banking Group Credit Committee and Deputy Chairman of the RMB
Investment Committee. In June 2007 he co-founded the RMB Principal Investment
Business, a business unit in the Investment Banking Division of RMB.
"RMB believes there is significant upside potential in its stake and we
welcome the opportunity to manage that investment proactively. We believe
that RMB representation on the Simmers board will prove mutually beneficial
and look forward to being able to assist management in unlocking shareholder
value," said Oberholster.
For further information, please contact Gail Strauss on +27847774060;
gail@simmers.co.za
Johannesburg
11 November 2008
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 11/11/2008 13:19:13 Produced by the JSE SENS Department.
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