| Wed 4 Aug 2004, 17:01 | | CHAIRMAN APPOINTED EMPEROR MANAGING DIRECTOR |
|
DURBAN ROODEPOORT DEEP, LIMITED - CHAIRMAN APPOINTED EMPEROR MANAGING DIRECTOR
Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1895/000926/06)
(Share code: DUR)
(ISIN: ZAE000015079)
(ARBN number: 086 277 616)
(NASDAQ trading symbol: DROOY)
(`DRD`)
DRD CHAIRMAN APPOINTED EMPEROR MANAGING DIRECTOR
The Board of Directors of Emperor Mines Limited (`Emperor`) yesterday appointed
Mark Wellesley-Wood as Managing Director.
Wellesley-Wood is the Executive Chairman of DRD, which owns 45,3% of Emperor
following the close last Friday (30 July 2004) of its takeover offer for all the
shares in Emperor.
Wellesley-Wood has been a non-executive Director of Emperor since 2002.
He replaces Greg Starr, who has resigned as Managing Director and as a member of
the Board, with immediate effect. The board vacancy created by Starr`s
resignation has been filled by Richard Johnson, DRD Group Divisional Director,
Australasia. Mr Johnson is responsible for DRD`s growth and gold operations
throughout the Australasian region.
DRD will now be represented on the Emperor Board by Wellesley-Wood, Johnson and
David Baker, who is non-executive director of DRD and was appointed to the
Emperor Board with Wellesley-Wood in 2002.
Wellesley-Wood thanked Starr for initiating the strategic re-vamp at Emperor and
wishes him every success with his future endeavours. To assist with changeover,
Starr will consult to Emperor for the next four months.
The appointment of Wellesley-Wood as Managing Director and Johnson as non-
executive Director confirms DRD`s support for Emperor and commitment to
developing the Vatukoula mine in Fiji.
DRD`s technical skills and experience with underground epithermal gold mining
will substantially boost Emperor`s ability to become a major gold producer in
the region, together with financial support for the proposed recapitalisation.
DRD has also notified Emperor of its intention to move a number of resolutions
at a General Meeting of shareholders, designed to reduce the size of the Board,
while acknowledging the need for a majority of independent directors.
Queries:
South Africa
Investor and Media Relations
Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7826 (office)
+27 83 604 0820 (mobile)
James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
Australasia
Investor and Media Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)
North America
Investor Relations
Susan Borinelli, Breakstone & Ruth International
+1 646-536-7018 (office)
+1 917-570-8421 (mobile)
Media Relations
Jessica Anderson, Breakstone & Ruth International
+1 646-536-7002 (office)
+1 347-423-5859 (mobile)
United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James`s Corporate Services
+44 20 7499 3916 (office)
+44 779 863 4398 (mobile)
Johannesburg
4 August 2004
U.S. DISCLOSURES
Some of the information in this media release may contain projections or other
forward looking statements regarding future events or other future financial
performance. We wish to caution you that these statements are only projections
and those actual events or results may differ materially. In reviewing, please
refer to the documents that we file from time to time with the SEC, specifically
to our annual report on Form 20-F. These documents contain and identify
important factors that could cause the actual results to differ materially from
those contained in our projections or forward looking statements, including such
risks as difficulties in being a marginal producer of gold, changes and
reliability of ore reserve estimates, gold price volatility, currency
fluctuations, problems in the integration of operations, exploration and mining
risks and a variety of risks described in our annual report on Form 20-F. We
undertake no obligation to publicly release results of any of these forward
looking statements which may be made to reflect events or circumstances after
the date hereof or to reflect the occurrence of unexpected results.
The DRD shares mentioned in this release and offered in the take-over offer have
not been registered under the U.S. Securities Act and may not be offered or sold
within the United States or to U.S. persons unless they are registered under the
U.S. Securities Act or an exemption from the registration requirements of the
U.S. Securities Act is available.
The offer described in DRD`s Bidder`s Statement dispatched on 13 April 2004 is
made for the securities of an Australian company. The offer is subject to
disclosure requirements in Australia that are different from those of the United
States. Certain financial statements included in the Bidder`s Statement have
been prepared in accordance with South African, Australian and/or International
Accounting Standards that may not be comparable to the financial statements of
United States companies. It may be difficult for Emperor`s shareholders to
enforce their rights and any claim they may have arising under the U.S. federal
securities laws, since DRD is located in South Africa, and all of its officers
and directors are residents of countries other than the United States.
Emperor`s shareholders may not be able to sue DRD or its officers or directors
in a non-U.S. court for violations of U.S. securities laws. It may be difficult
to compel DRD and its affiliates to subject themselves to a U.S. court`s
judgment. You should be aware that DRD may purchase securities otherwise than
under the offer in DRD`s Bidder`s Statement, such as in the open market or
privately negotiated transactions to the extent permitted under Australian law.
Date: 04/08/2004 04:48:03 PM
Produced by the JSE SENS Department
