| Fri 11 Dec 2009, 7:06 | | SIM - Simmer & Jack Mines Limited - Simmers Appoints Interim Board |
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SIM
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SIM - Simmer & Jack Mines, Limited - Simmers Appoints Interim 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")
SIMMERS APPOINTS INTERIM BOARD
Simmers today announced a restructured interim board in line with the
Company`s plan to create an independent board committed to protecting and
furthering the interests of all Simmers shareholders.
The new independent non-executive directors are:
- Mr Colin Brayshaw - Chairman of Metmar Limited, a member of the South
African Institute of Chartered Accountants and FICA of England and Wales
and a former director of AngloGold Ashanti Limited and Anglo Platinum
Limited.
- Mr Ralph Havenstein - former Chief Executive Officer of Norilsk Nickel
International, former Vice President of the Chamber of Mines` Executive
Council and former Chief Executive Officer of Anglo Platinum Limited.
- Mr Vusi Khanyile - Chairman of Thebe Investments.
- Ms Gugu Msibi - Director: Head of Public Sector in South Africa -
Advisory Services at Ernst & Young South Africa and co-founder and former
executive director of Spin Media.
- Dr Nick Segal - Extraordinary professor at the Gordon Institute of
Business Science (GIBS) of the University of Pretoria, director of TEBA
Limited, former director of the UCT Graduate School of Business, former
President of the Chamber of Mines and former director of JCI Limited,
Kumba Resources Limited and Anglovaal Limited.
In addition, Deon van der Mescht, the current Managing Director of Simmers`
gold operations and former head of DRDGold`s South African operations has been
appointed as an executive director.
The following current directors remain on the Simmers interim board:
- John Berry as an executive director
- Nigel Brunette as Chairman
- Gerhard Jacobs as Chief Financial Officer and financial director
- Adrian Meyer as an independent non-executive director
- Gordon Miller as Chief Executive Officer
The Simmers interim board intends to approach the company`s 22% shareholder,
Xelexwa Investment Holdings (Pty) Limited (Xelexwa), to nominate two further
independent, non-executive directors.
The interim board will formally convene early in the new year whereupon
Simmers Chief Executive Officer Gordon Miller and Chairman Nigel Brunette will
step down, the newly constituted board will elect a chairman and Deon van der
Mescht will be appointed acting Chief Executive Officer. At this meeting the
interim board will resolve to convene a general meeting of Simmers
shareholders to appoint the full board of the company which with the mandate
of the shareholders will lead the company.
The new appointments fill the vacancies left by the six directors who resigned
from the Simmers board as a direct result of the unresolved conflict of
interest with Xelexwa and its holding company, Vulisango Holdings (Pty)
Limited.
Commenting on the new appointments, Nigel Brunette said: "We are delighted to
welcome such a strong group of individuals with a wealth of both mining and
corporate experience and I have no doubt that they will add immense value to
Simmers. I am confident that this interim team will uphold the interests of
all our shareholders and assist management to achieve its operational goals.
We believe this to be an elegant solution as it grants all shareholders the
opportunity to exercise their right to an independent board."
Brunette said that the time had come to separate the dual roles of chairman
and Chief Executive Officer of Simmers and First Uranium.
"Simmers established First Uranium in 2006 and it was always envisaged that
once First Uranium had completed its development phase, the need for a dual
chairman and Chief Executive Officer would fall away. When Simmers established
First Uranium it made sense to combine the Chief Executive Officer and
Chairman roles as First Uranium was in an early development phase. This
massive construction project required the skills of the Simmers project
management team to execute First Uranium`s development plans when there was a
dearth of these skills available at the time. First Uranium is now at the tail-
end of its very successful development programme, and the logical next step is
the splitting of the joint Chief Executive Officer and chairman roles. Deon
van der Mescht, Managing Director of Simmers` gold operations, will be
appointed acting Chief Executive Officer of Simmers when Gordon Miller steps
down early in the new year. A new Chairman will also be elected and announced
at the first board meeting in the new year. Both Gordon and I will remain in
our positions at First Uranium and this restructuring will free us up to focus
squarely on the next phase in First Uranium`s significant growth plans."
Brunette added that the change in the relationship between First Uranium and
Simmers, from that of a subsidiary company to an associate provided an
additional impetus to the restructuring.*
*Note to editors: Simmers` stake in First Uranium dropped below 40% in March
2009, triggering a change in accounting disclosure and changing the
relationship from that of subsidiary to associate company.
For further information, please contact:
Byron Kennedy / Clemmie Raynsford Brunswick
Telephone +27 11 502 7400
Melanie de Nysschen / Thembeka Mgoduso Macquarie First South Advisers
Telephone +27 11 583 2000
Nick Goodwin Simmers
Investor Relations Executive
Mobile +27 83 629 8605
E-mail nick@simmers.co.za
Gail Strauss Simmers
Group Communications
Mobile +27 82 936 8481
E-mail gail@simmers.co.za
Johannesburg
11 December 2009
Corporate adviser and Sponsor
Macquarie First South Advisers (Pty) Ltd
Date: 11/12/2009 07:06:04 Produced by the JSE SENS Department.
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