| Tue 27 Jul 2010, 15:19 | | SIM - Simmer & Jack Mines Limited - Vusi Khanyile to step down from Simmers` |
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SIM
SIIF
SIM - Simmer & Jack Mines, Limited - Vusi Khanyile to step down from 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")
VUSI KHANYILE TO STEP DOWN FROM SIMMERS` BOARD
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited,
shareholders are informed that Mr Vusi Khanyile, non-executive chairman of
Simmers, being elected to retire by rotation in terms of the Company`s articles
of association, will not make himself available for re-election to the board at
the Annual General Meeting ("AGM") to be held on 10 September 2010.
Mr Khanyile was appointed to the Simmers board on 10 December 2009 when he
agreed to step into the breach and help stabilise the Company following a
shareholder dispute with its BEE partner, Vulisango Holdings (Pty) Ltd
("Vulisango"). Under his leadership, the shareholder dispute was resolved and a
functional, independent board established.
Outgoing chairman Vusi Khanyile said: "I accepted the position of chairman in
December 2009 precisely because I believed I could play a role in helping to
restore investor confidence through the creation of a strong and effective board
capable of putting the Company on a steady footing and positioning it to deliver
on its potential.
I believe that this has now been achieved and I am confident that the Company is
in safe hands."
Commenting on Mr Khanyile`s decision, deputy chairman Bernard Swanepoel said:
"It is with great reluctance that we accept Vusi`s resignation. He has done an
outstanding job in assembling a balanced board, comprising directors of rich and
diverse experience who are committed to the principles of good governance, and
also in restoring the relationship between the Company and its BEE investor and
partner, Vulisango.
"These have been signal contributions towards securing the future of the Company
which, with the conclusion of the Tau Lekoa acquisition, looks highly
promising."
The board has elected Mr Swanepoel to take up the role of chairman after the AGM
on 10 September 2010.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27/07/2010 15:19:22 Produced by the JSE SENS Department.
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