FRM to Implement performance improvement plan at S
Sallies Limited
Reg. No. 1903/001879/06
Share Code: SAL
ISIN : ZAE000022588
For further information, call
Lindsay Robertson on 011-268-5700 or 082-807-7709
FRM TO IMPLEMENT PERFORMANCE IMPROVEMENT PLAN AT SALLIES
Johannesburg, 13 February 2003 - Fluorspar miner Sallies Limited announced today
that it had retained FRM Strategies to implement a performance improvement plan,
following a review by FRM of the company`s business and strategy.
FRM`s Peter Flack, Lindsay Robertson and Alastair Moffat have joined the Sallies
board, Flack as non-executive chairman and Robertson as acting managing
director. Sallies` Australian directors MJ Tuite, JH Slade and LJ Woolcock have
retired from the board, as has former managing director Pierre de Villiers, who
will stay on as a consultant. Jurie Geldenhuys was appointed to the board and
Owen Dix remains as director, both non-executive.
Robertson said today the recruitment of a full-time managing director would be
one of FRM`s first priorities. It would also be focusing on the structure, modus
operandi and performance of the l00-year old Sallies, one of South Africa`s
oldest mining companies.
"We`ll be giving particular attention to mine planning and production
efficiencies at Sallies` Witkop operation, and at optimising the plant upgrade
recently commissioned there, " Robertson said.
Sallies is due to publish its interim results next month and Robertson said
details of the company`s trading situation and an initial progress report on
FRM`s performance improvement plan would be given at that time. Sallies reported
a net profit of R4.6 million on a mining revenue of R113.5 million for the year
to June 2002.
Issued by du Plessis Associates on behalf of Sallies Limited. dPA contact Kathy
du Plessis, telephone 011- 728-4701 or e-mail gen@dpapr.com
Date: 13/02/2003 04:21:24 PM Produced by the JSE SENS Department
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