| Tue 28 Jun 2011, 17:26 | | VIL - Village Main Reef Limited - Changes to the board of village |
|
VIL
VIL
VIL - Village Main Reef Limited - Changes to the board of village
Village Main Reef Limited
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/0057034/06)
Share Code: VIL
ISIN: ZAE000154761
("Village")
CHANGES TO THE BOARD OF VILLAGE
Following the conclusion of the transaction between Village and Simmer & Jack
Mines, Limited ("Simmers"), in terms of which, inter alia, Village acquired a
majority of the assets of Simmers (shareholders are referred in this regard to
the announcements released on SENS, the last of which was dated 9 June 2011),
and in order to comply with the various requirements of the King Report on
Corporate Governance issued in 2009 (King III) and the new Companies Act No.71
of 2008, Village has restructured its Board with effect from 28 June 2011.
Clinton Halsey has resigned as Chief Financial Officer and Dorian Wrigley has
resigned as Chief Operating Officer. Notwithstanding each of their valuable
contributions to the Board, because Clinton and Dorian have personal interests
in Village via To The Point Growth Specialists and Umbono, respectively, the
Board believes their independence as non-executive directors may be compromised
and for that reason have not requested Clinton and Dorian to remain on the board
in a non-executive capacity.
However, Clinton and Dorian will continue to provide corporate finance and other
related services to Village on a consultancy basis. The provision of such
services will ensure a seamless transfer of their respective executive functions
to the new Chief Financial Officer.
Village is pleased to announce the appointment of Marius Saaiman as Chief
Financial Officer. A Chartered accountant by profession, Marius was previously
the Chief Financial Officer and acting Chief Executive Officer of Simmers.
Bulelwa (Baba) Njenje and Gerard Kemp have been appointed as non-executive
directors. Baba holds a Masters in Education and Primary Healthcare from
Manchester University and has a long history with Simmers since their group
empowerment transaction in 2004. Gerard, who holds a Masters degree in Mining
from the University of Witwatersrand, is currently the Chief Executive Officer
at Pamodzi Resources Fund and before that was director of business resources
development at Rand Merchant Bank.
CEO, Bernard Swanepoel noted, "Appointing Marius was an easy decision for the
board. Over the past months that we have worked together, he has demonstrated an
astute understanding of the issues and a keen sense of the future for this
business. I know that Village will benefit from a seamless transition as we
continue to grow Village into a successful mid-tier precious metals player. On
behalf of the board, I would like to formally welcome Marius, Baba and Gerard to
the board."
"I also want to thank Clinton and Dorian. Their energetic and skilful
contribution to Village over the past years has assisted in laying strong
foundations for our future."
28 June 2011
Sponsor
Java Capital
Investor Relations
Vestor
(email: louise@vestor.co.za)
Date: 28/06/2011 17:26:30 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
