| Tue 11 Aug 2009, 10:46 | | MTX - Metorex Limited - Changes to the Metorex Board of directors |
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MTX
MEMTX
MTX - Metorex Limited - Changes to the Metorex Board of directors
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "the company")
Changes to the Metorex Board of Directors
The board of directors of Metorex ("the Board") is pleased to announce the
following changes to the Board with effect from 11 August 2009:
Ms Nonkululeko ("Nkuli") Kgositsile is appointed an independent non-executive
director. Nkuli has a background in journalism and was a founder of the Voice
of Soweto Community radio station and is an entrepreneur with her own
entertainment company. She brings a dynamic wealth of experience in a social
and political capacity in Africa, having being educated in a number of southern
African countries.
Mr Victor Mabuza is appointed an independent non-executive director.
Victor runs his own business, EsopShop (Pty) Ltd, which advises on employee
and community ownership trust structures. He has advised on many mining
company ESOPs, including African Rainbow Minerals Limited, Anglo Platinum
Limited, Gold Fields Limited and Northam Platinum and Black Economic
Empowerment transactions including Sasol Inzalo and Vodacom YeboYethu. He
has held various directorships in retail, corporate and investment banking
and has worked for major financial institutions including Standard Bank,
ABSA and Stanlib. He was also previously an Executive Head for Asset
Management as well as sat on the board of the National Empowerment Fund,
where he was at the forefront of the highly successful Asonge MTN retail
share offer.
To achieve an optimal balance of executive and non-executive Board members,
Mr Charles Needham is resigning from the Board and Mr Edward Legg will resign
as an alternate director. This follows major advancements in the company`s
restructuring embarked on at the end of last year.
The Board is further pleased to announce the following changes to the Board
with effect from 1 October 2009:
Mr John Hopwood CA (SA) will be appointed an independent non-executive
director and Chairman of the Audit committee of the Board. John Hopwood is a
non- executive director of Gold Fields Limited and Pan African Resources plc
and is presently chairman of the audit committees of both companies. He is also
a member of the Board of Trustees of the New Africa Mining Fund and chairman
of the Fund`s Investment Committee. Previous experience includes being an
executive director of Gold Fields of South Africa Limited from January 1992
to September 1998 and a director and Head of Mergers and Acquisitions at Ernst
and Young Corporate Finance.
Mr Alastair Laughland will retire from the Board.
This intended change will take effect on 1 October 2009 to allow completion
of the June 2009 Annual Financial Statements and review by the Audit Committee
of which Mr Laughland is currently the Chairman.
Rob Still, Chairman of the Metorex Board said: "We welcome Victor, Nkuli and
John to our Board. With their different qualifications, background and
experience, they will bring a fresh new perspective to our deliberations. The
appointments are a significant step forward in achieving a more balanced set
of skills on the Board, including mining, finance, technical and social skills
and are in accordance with our evolving transformation objectives."
"On behalf of the Board I would like to thank both Charles and Ed for their
contributions to the company as directors over many years and look forward to
their continuing contributions as group executives. I would also like to
thank Alistair in advance for his significant contribution to the company
as a director over many years."
"Further changes to the Board will be made as and when appropriate. The
Board remains determined and fully committed to achieving all the objectives
set out at the end of last year."
The Board now comprises two executive directors and seven non-executive
directors of whom five are independent. The company is committed to
complying with the King codes of good corporate governance.
Johannesburg
11 August 2009
Sponsor and Corporate Advisor
BJM Corporate Finance (Proprietary) Limited
Date: 11/08/2009 10:46:02 Produced by the JSE SENS Department.
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