Avmin - Proposed Reconstitution Of The Iscor Limit
Anglovaal Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
("Avmin"or "the company")
Industrial Development Corporation of South Africa Limited
(Registration number 05/14201/06)
("IDC")
Proposed reconstitution of the Iscor Limited Board
Stakeholders are referred to the Avmin and IDC announcement dated 1 February
2001. Avmin and the IDC have today notified Iscor Limited ("Iscor"), in terms
of section 220 of the Companies Act, 1973 (Act 61 of 1973), as amended (the
"Act") of their intention to propose resolutions to reconstitute the board of
directors of Iscor.
In terms of section 180(2) of the Act, Avmin and the IDC will call a general
meeting of Iscor shareholders, to be held within eight weeks of the date of
this announcement, to propose the reconstitution of the Iscor Board by:
- the removal as directors of Iscor, of Messrs HJ Smith, M Macdonald, TL De
Beer, CT Fenton, JJ Geldenhuys and JL van den Berg; and
- the appointment as directors of Iscor, of Messrs R Barbour, P Flack, S
Macozoma, BM Menell, RP Menell and T Tshivhase.
It is proposed that Messrs WAM Clewlow, G Gouws, LL Van Niekerk, Dr. CJ
Fauconnier, Dr. D Konar, Dr. K Mokhele remain on the Iscor board.
Subsequent to the proposed changes being approved by the Iscor shareholders, it
will be the prerogative of the reconstituted board of directors and the
executive management team of Iscor to determine the appropriate future
strategies that Iscor should follow to unlock value for all shareholders.
Further announcements will be made as and when appropriate.
Johannesburg
21 February 2001
Financial advisers to Avmin
Deutsche Securities (SA) (Proprietary) Limited
(Reg. No: 1995/011798/07)
Investec Corporate Finance
(Reg. No: 1969/004763/06)
Financial adviser to IDC
HSBC Investment Services (Africa) (Pty) Limited
(Reg. No: 1984/001736/07)
Legal advisers to Avmin
Bowman Gilfillan
Canca Incorporated
(Reg. No: 1996/006459/21)
Sponsor to Avmin
Deutsche Securities (SA) (Proprietary) Limited
(Reg. No: 1995/011798/07)
Member of the JSE Securities Exchange South Africa
Legal advisers to IDC
Werksmans Attorneys
Maluleke, Msimang & Associates
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