Simmers - Simmers` shareholding reflects independence from JCI
SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
(`the Company`)
Share code: SIM
ISIN: ZAE000006722
Issued by Simmer and Jack Mining Company Limited
25 August 2005
SIMMERS` SHAREHOLDING REFLECTS INDEPENDENCE FROM JCI
Simmer and Jack Mines, Limited (Simmers) stated today that the convertible loan
transaction with Aberdeen International Inc announced recently was proceeding
well, and would pave the way for Simmers` proposed acquisition of the former
DRDGOLD North West operations that were in provisional liquidation.
Following on the recent rights offer, the company`s shareholder profile has
changed substantially. Simmers is now 51% owned by a black empowerment
controlled company, and is 32.9% owned by European gold funds. South African
investment institutions, an American bank and individuals hold the remaining
shares. Additionally, Simmers has now effectively distanced itself from the
influence of the JCI Group whose shareholding, post rights offer, is 2%.
`Simmers has reconstituted the board of directors over the past year and now has
a strong core of directors and management under the chairmanship of Roger
Kebble,` said chief executive Gordon Miller. `Roger`s expertise in successfully
turning marginal operations around is widely recognized and I value his
leadership. I also welcome the support given to me by our new non-executive
directors who represent the interests of our controlling black empowerment
partners`.
`The board of directors, while being intensely focused on corporate governance
issues, will concentrate on supporting Simmers` strategy to become a 400 000
plus ounce a year gold producer within three to five years.`
FOR FURTHER INFORMATION PLEASE CONTACT LUCY CORKIN ON 082 218 6486
Date: 25/08/2005 03:10:05 PM
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