| Fri 1 Apr 2011, 7:06 | | CZA - Coal of Africa Limited - Appointment of Financial Director |
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CZA
CZA
CZA - Coal of Africa Limited - Appointment of Financial Director
Coal of Africa Limited
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
JSE Share code: CZA
ASX Share code: CZA
ISIN AU000000CZA6
("CoAL" or the "Company")
KEY APPOINTMENTS
Appointment of Financial Director
Subsequent to the appointment of Mr John Wallington as Chief Executive Officer
in mid-June 2010, CoAL, the AIM/ASX/JSE listed coal mining and development
company operating in South Africa (ticker: CZA), continues to implement
organisational changes that will transform it into a fully-fledged operating
coal mining business.
CoAL is therefore pleased to announce that it has appointed Mr Wayne Koonin as
Financial Director, effective 1 April 2011. Mr Koonin qualified as a Chartered
Accountant (South Africa) in 1997 and holds a Bachelor of Commerce
(Accounting) and a Bachelor of Accounting (Honours) degree, both from the
University of the Witwatersrand in South Africa.
Over the past 12 years, Mr Koonin has gained extensive international
experience working in senior financial roles for Canadian, South African,
British and Swiss based exploration, development and operating mining
companies, covering a variety of commodities, including coal. As a result, he
has had exposure to various international accounting standards, taxation and
regulatory environments, as well as responsibility for entities listed on the
JSE Limited ("JSE"), Australian Securities Exchange ("ASX"), Financial Times
Stock Exchange ("FTSE"), Alternative Investment Market ("AIM") and National
Association of Securities Dealers Automated Quotations ("NASDAQ").
In addition to his extensive financial and management experience on an
international level, his successes include managing the turnaround of various
mining businesses, implementing various financial and operational systems,
capital raising and debt financing exercises, multiple corporate finance
transactions and a JSE listing. Mr Koonin has most recently been the Chief
Financial Officer of Platmin Limited, a platinum mining company listed on the
Toronto Stock Exchange ("TSX"), AIM and JSE.
As part of his package, and subject to shareholder approval, Mr. Koonin will
be entitled to receive CoAL shares, as detailed in Annexure A below.
Appointment of Managing Director of Lemur Resources Limited
To coincide with the appointment of Mr Koonin as Finance Director, the
Company`s current Finance Director Mr. Blair Sergeant has resigned, effective
1 April 2011. This follows the relocation of his family back to Perth,
Australia, after a three year secondment to CoAL`s offices in Johannesburg,
South Africa.
Mr Sergeant will continue to be involved with the Company through his
appointment as Managing Director of Lemur Resources Limited, which aims to
develop a Madagascan coal asset in which CoAL has a major shareholding. Mr
Sergeant will remain on hand until the end of April 2011 to assist with
handover of responsibilities to Mr Koonin and in order to complete certain
tasks. The Board extends its gratitude to Mr Sergeant for his contribution
over the last three years.
As part of the Company`s re-organisation, Mr Simon Farrell, Deputy Chairman,
will move to a non-executive role on the CoAL Board, with effect from 1 April
2011. Mr Farrell will now concentrate on a co-coordinating role for the
Tshipise Energy Project (a Gas Joint Venture Project in which CoAL has a 50%
interest) and the proposed Limpopo Major Industrial Complex Project, which is
conceptually exploring the formation of an appropriate structure between the
South African Government and industry that would drive the development of
downstream beneficiation projects relating to power, synfuel and steel
manufacture. The Company believes these projects could have significant
potential for the Limpopo Province, in particular, and South Africa in
general.
Signed
Richard Linnell
Chairman
Disclosure of Directorships under Schedule 2(g) of the AIM Rules
There is no other information that is required to be disclosed with regards to
the above mentioned appointment pursuant to Schedule 2 paragraph (g) of the
AIM Rules, save as set out below:
Full Name: Mr Wayne Gregory Koonin
Age: 41 years
Current Directorships Past Directorships within last 5
years
Platmin Limited and various subsidiaries in Ivanhoe Nickel & Platinum Limited
the Platmin Group and various subsidiaries in the
Ivanhoe South Africa Group
Cazzi Collection CC
Mr Sergeant`s Appendix 3Z "Director`s Final Interest Notice" follows. Mr
Koonin`s Appendix 3X "Director`s Initial Interest Notice" will be provided in
due course.
Bryanston
01 April 2011
JSE Sponsor
Macquarie First South Advisers (Pty) Ltd
For more information contact
John Wallington Chief Executive Coal of Africa +27 11 575 7423
Officer
Blair Sergeant Finance Director Coal of Africa +61 893 226 776
Shannon Coates Company Coal of Africa +61 893 226 776
Secretary
Chris Sim Nominated Evolution +44 20 7071 4300
Adviser Securities
Melanie de JSE Sponsor Macquarie First +27 11 583 2000
Nysschen/Annerie South Advisers
Britz/Yvette
Labuschagne
Jos Simson/Emily Financial PR Tavistock +44 207 920 3150
Fenton
www.coalofafrica.com
ANNEXURE A
As part of his package, and subject to shareholder approval, Mr. Koonin will
be entitled to receive the following issues of the Company`s shares, the final
allocation of the second, third, fourth and fifth tranches of which will be
calculated according to the conditions set out below:
- 175,000 shares following 12 months service;
- up to 350,000 shares following 24 months service;
- up to 350,000 shares following 36 months service;
- up to 350,000 shares following 48 months service;
- up to 350,000 shares following 60 months service.
The allocation of the above mentioned shares is subject to the following
capital performance conditions:
- an international investment bank will be requested to provide a list of
six peer group companies at the start of each 12 month service period;
- the average share price growth over the ensuing 12 months for these peers
will be calculated and used as the base measure to determine the Finance
Director`s share allocation;
- the percentage allocation of CoAL shares to the Finance Director will be
calculated using the CoAL share price weighted average for the month
preceding the end of the 12 month period:
Capital growth (share price) as Share
compared to average of six peer allocation
group companies
0-5% higher than average 20%
5-10% higher 40%
10-15% higher 60%
15-20% higher 80%
20-25% higher 90%
25% or more 100%
Date: 01/04/2011 07:06:02 Produced by the JSE SENS Department.
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