| Fri 25 Nov 2011, 9:27 | | FSE - Firestone Energy Limited - Proposal from Sekoko |
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FSE
FSE
FSE - Firestone Energy Limited - Proposal from Sekoko
FIRESTONE ENERGY LIMITED
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
Proposal from Sekoko
Firestone Energy Limited (ASX/JSE: FSE) ("Firestone" or the "Company") is
pleased to announce that it has received a proposal from its major shareholder
Sekoko Resources (Pty) Limited, which if implemented, would more closely align
the management and economic interests of the two organisations. The advantages
outlined in the proposal include streamlining management, simplifying the joint
venture structure and providing a more easily understood investment vehicle for
both the equity and debt markets.
Firestone Energy welcomes the proposal. The board will meet with
representatives from Sekoko Resources on 2 December 2011 to further consider and
discuss the proposal and at that time will provide further information to
shareholders about the proposal. Should the board decide to recommend
implementation of the proposal, the approval of unassociated shareholders, and
all necessary regulatory approvals, will be sought. Until the board has had the
opportunity to fully consider the proposal, Firestone Energy has undertaken to
Sekoko Resources that it will not issue any new securities.
As an initial step it is intended to invite Mr Tim Tebeila, Executive Chairman
of Sekoko Resources, to join the Board.
Yours sincerely
Firestone Energy Limited
David Perkins
Chairman
www.firestoneenergy.com.au
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and the
Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint
Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has
acquired the right to 60% participation interests in the Waterberg Coal Project
located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a substantial
contribution to the social and economic development of the Lephalale area and
South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,958 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Mr Colin McIntyre
Mr Ben Mphahlele
Mr Kobus Terblanche
Sizwe Nkosi
Company Secretary:
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0) 8 9287 4600
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and
minerals company developing the coal, magnetite iron ore and PGMs Projects in
the Limpopo Province of South Africa. This includes a significant exploration
program and development of the Waterberg Coal Joint Venture Project based on
significant Coal Zone Resources. Sekoko is targeting to commence operations in
2012, thus forming the basis for developing a global coal business.
Pretoria
25 November 2011
Sponsor
River Group
Date: 25/11/2011 09:27:48 Produced by the JSE SENS Department.
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