| Fri 8 Jan 2010, 16:36 | | SIM - Simmers Interim Board Appoints New Chairman and CEO |
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SIM
SIIF
SIM - Simmers Interim Board Appoints New Chairman and CEO
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 INTERIM BOARD APPOINTS NEW CHAIRMAN AND CEO
Shareholders are referred to the announcement released on the securities
exchange news service on Friday, 11 December 2009, informing shareholders of the
appointment of an interim board of directors ("interim Simmers board").
Shareholders were also informed of the decision of the interim Simmers board to
convene early in January 2010 to reconstitute the board ahead of the general
meeting of shareholders to be held on 1 February 2010 in terms of the notice of
general meeting ("general meeting") contained in the circular to shareholders
dated 24 December 2009 ("circular").
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited,
shareholders are informed that following a board meeting convened on
6 January 2010, chief executive officer Mr Gordon Miller and non-executive
chairman Mr Nigel Brunette stepped down from the interim Simmers board, as did
executive director, Mr John Berry, with effect from today, Friday,
8 January 2010. The interim Simmers board subsequently appointed Mr Vusi
Khanyile as non-executive chairman and Mr Deon van der Mescht, formerly managing
director of Simmers` gold operations, was appointed the Chief Executive Officer
of Simmers, both with immediate effect.
The Simmers` interim board now comprises the following members:
Independent non-executive directors:
- Mr Vusi Khanyile (chairman and member of the Governance and Nominations
Committee and the Human Resources and Compensation Committee) - Chairman of
Thebe Investments;
- Mr Ralph Havenstein (chairman of the Human Resources and Compensation
Committee and chairman of the Safety Health and Environmental Committee) -
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 Colin Brayshaw (member of the Audit and Risk Committee and Governance
and Nominations Committee) - chairman of Metmar Limited, a member of the South
African Institute of Chartered Accountants and fellow of the Institute of
Chartered Accountants in England and Wales, and a former director of AngloGold
Ashanti Limited and Anglo Platinum Limited;
- Ms Sindi Koyana (member of the Human Resources and Compensation Committee
and Audit and Risk Committee) - Group chief financial officer of the Passenger
Rail Agency of South Africa and a founding member of Gobodo Incorporated;
- Mr Adrian Meyer (chairman of the Audit and Risk Committee and member of the
Governance and Nominations Committee) - president and chief executive officer of
Cidel Bank & Trust Inc, and a director of Toronto Stock Exchange-listed CIC
Energy Corporation; and
- Dr Nick Segal (chairman of the Governance and Nominations Committee and a
member of the Safety Health and Environmental Committee) - 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.
Executive directors:
Deon van der Mescht: chief executive officer; and
Gerhard Jacobs: chief financial officer and financial director.
The interim Simmers board also received and accepted Messrs Miller and Berry`s
resignations from their positions at Simmers with effect from today, Friday,
8 January 2010, in order that they may focus on their duties at First Uranium
Corporation ("First Uranium").
Commenting on the new appointments, outgoing non-executive chairman Mr Nigel
Brunette said: "This move signifies the formal separation of Simmers and First
Uranium. While the dual roles of chairman and chief executive officer served us
well during the crucial development years, the time had come to separate the
responsibilities.
"We are a substantial way down the track in terms of achieving what we set out
to do. Both Simmers and First Uranium are now well-positioned to take advantage
of the steady state production that will follow the imminent completion of the
development cycle. This in turn will create the platform for further growth,
allowing both companies to exploit their organic growth potential as well as
consider further acquisitions. In my opinion the new Simmers board represents a
clean break with the conflicts that have impeded its progress in the past, and
comprises excellent directors who, along with the capable management team that
has been built up over the last four years, will ensure that Simmers has a
dynamic future."
The new chairman Vusi Khanyile said: "I am confident that Simmers now has a
strong, coherent, functional and independent board, which is critical for the
next phase of the company`s development. The track record and qualifications of
the directors speak for themselves and will provide the leadership necessary to
ensure the future success of the company.
"We are committed to the holistic transformation and development of Simmers
which, over time, could see the company emerging as a truly South African
corporate citizen with Pan African interests and global appeal. We look forward
to engaging with all key stakeholders, including shareholders and the Department
of Mineral Resources, about our vision in this regard."
GENERAL MEETING
A circular containing a notice of general meeting of Simmers shareholders to be
held at 11:00 Central African Time on Monday, 1 February 2010, at the offices of
Macquarie First South Advisers (Pty) Limited, situated at The Place, 1 Sandton
Drive, South Wing, Sandown, Johannesburg for the purpose of, amongst others,
seeking approval for the interim Simmers board, was posted to shareholders on 24
December 2010. The circular is also available on the Simmers website,
www.simmers.co.za.
For further information, please contact:
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.zanick@simmers.co.za
Gail Strauss Simmers
Group Communications
Mobile +27 82 936 8481
E-mail gail@simmers.co.za
Johannesburg
08 January 2010
Corporate adviser and Sponsor
Macquarie First South Advisers (Pty) Ltd
Date: 08/01/2010 16:36:02 Produced by the JSE SENS Department.
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