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WEZ
WEZ
WEZ - Wesizwe Platinum Limited - Total financing solution for the
development of the Frischgewaagd-Ledig project becomes effective
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")
TOTAL FINANCING SOLUTION FOR THE DEVELOPMENT OF THE FRISCHGEWAAGD-LEDIG
PROJECT BECOMES EFFECTIVE
Shareholders are referred to the circular dated 11 February 2011,
detailing the total financing solution for the development of the
Company`s core Frischgewaagd-Ledig Project ("the Project") including,
inter alia, the specific issue of shares for cash ("the Proposed
Transaction") and the announcement released on 29 April 2011 confirming
that all conditions precedent to the definitive transaction agreements
giving effect to the Proposed Transaction signed between Jinchuan Group
Limited ("Jinchaun"), China-Africa Development Fund ("CADFund"),
Micawber 809 (Pty) Limited ("Micawber") and China-Africa Jinchuan
Investment Limited, have been fulfilled or waived.
The transaction has been implemented in accordance with the terms and
conditions of the transaction agreements and became effective on 4 May
2011.
In terms of the transaction agreements the Board of Directors of Wesizwe
("the Board") welcomes the appointment of the following members to the
Board of Wesizwe effective from 4 May 2011:
- Mr Qiyin Zhang
- Mr Jikang Li
- Mr Dexin Chen
- Mr Jianke Gao
- Mr Wenliang Ma
- Mr LiliangTeng
- Mr James Ngculu
Shareholders are further advised that Mr Peter Gaylard and Mr Jacques de
Wet have resigned as directors of the Company with immediate effect and
that Mr Rob Rainey will not stand for re-election as a director of
Wesizwe at the Annual General Meeting of the Company to be held on 5 May
2011 at 10:00.
The Board of Directors would like to thank Mr Peter Gaylard, Mr Rob
Rainey and Mr Jacques de Wet for the contribution they have made to the
Company during their tenure on the Board.
Following a meeting of the newly re-constituted Board that was held on 4
May 2011, shareholders are advised that Mr Arthur Mashiatshidi resigned
as Chief Executive Officer and has been appointed as Joint Acting Chief
Executive Officer. In addition, Mr Qiyin Zhang has been appointed as
Joint Acting Chief Executive Officer and Mr Wenliang Ma has been
appointed as Acting Financial Director.
The Board has designated Mr Jianke Gao for the position of Chief
Executive Officer which position he will assume after he has obtained
the necessary work permits.
The Board now comprises:
Ms Dawn Mokhobo (Chairman)
Mr Dexin Chen (Deputy Chairman)
Mr Arthur Mashiatshidi (Joint Acting Chief Executive Officer)
Mr Qiyin Zhang (Joint Acting Chief Executive Officer)
Mr Wenliang Ma (Acting Executive Financial Director)
Mr Mike Eksteen (Independent Non-Executive Director)
Mr Jianke Gao (Executive Director)
Mr Jikang Li (Non-Executive Director)
Mr Mlibo Mgudlwa (Executive Director)
Mr James Ngculu (Non-Executive Director)
Mr Michael Solomon (Non-Executive Director)
Mr Liliang Teng (Non-Executive Director)
Mr Barrie van der Merwe (Non-Executive Director)
Melrose, Johannesburg
05 May 2011
Sponsor to Wesizwe:
Investec Bank Limited
Date: 05/05/2011 08:32:01 Produced by the JSE SENS Department.
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