| Tue 20 Sep 2005, 15:23 | | Aflease Gold and Uranium is Empowered |
|
Aflease Gold and Uranium is Empowered
Aflease Gold and Uranium Resources Limited
(Formerly The Afrikander Lease Limited)
(Incorporated in the Republic of South Africa)
AFL (JSE) AFLUY (NASDAQ)
(Registration number 1921/006955/06)
ISIN: ZAE000061461 & Share Code: AFL
(`Aflease` or `the Company`)
20th September 2005
Aflease Gold and Uranium is Empowered
Shareholders give full backing to empowerment deal at special meeting.
Shareholders of Aflease Gold and Uranium Resources, at a General Meeting in
Johannesburg today, backed resolutions to implement an historic empowerment
deal, with votes of 99.9% in favour, just one abstention, and no votes against
the resolutions.
Through their votes, they gave legal force to the disposal of an undivided 26%
share of the company`s Klerksdorp assets - the Dominion Reefs uranium project
and the Bonanza South gold mine - to the Micawber empowerment consortium.
Micawber is comprised of an Aflease workers` trust and a Klerksdorp community
trust, each holding 30% of the BEE consortium, plus Africa Vanguard Resources
with a 20% interest, and four additional groupings each holding 5% - Indalo
Resources, Emseni Investments, Umlilo Mining and Finance and Magumo Investments.
The empowerment deal is structured in such a way that the empowerment partners
will be loaned the assets, paying for them from future dividend streams.
The deal also seeks to achieve broad-based empowerment through significant
involvement of workers and the local community.Said Aflease CEO Neal Froneman:
`We pride ourselves on delivering what we have said we will do, and I am proud
and pleased that our shareholders have voiced their support for the Micawber
transaction. This demonstrates not only our commitment to the future of South
Africa, but our determination to get the empowerment model right.
`Learning from previous empowerment programs, this current structure has been
carefully thought out for the long-term so that there is sustainable empowerment
with no losers. The empowerment partners are winners, as are Aflease
shareholders, and as is South Africa.
`It has been a lot of work, and more work is needed to develop similar
empowerment structures for our other South African operations.
`However, today we celebrate our new empowerment status, happy to demonstrate
that this process can be got right, and that empowerment is something that can
work - something to welcome, not to fear.`
Micawber`s and Africa Vanguard Resources` Chairman Sandile Zungu also welcomed
the outcome of the Aflease shareholders`meeting:
`Aflease shareholders have voted in favour of a non-racial, economically-just
South Africa, where those who have suffered in the past can be given a stake in
the future,` he said.
`This empowerment deal has been carefully structured so that it is lasting, and
I am confident that we are seeing genuine empowerment of a kind which has not
always been evident in South Africa in our short history as a true democracy.
`I am sure I speak for all the players in Micawber when I say we expect a long
and rewarding relationship with Aflease - a company with massive potential,
which I expect to bring benefits for all of its stakeholders, going forward.`
Neal Froneman concluded:
`We are all determined to ensure that this is genuine empowerment, and that the
new partners become closely involved in the future of Aflease, as the company
heads for exciting new growth opportunities, linking up with Southern Cross
Resources of Canada and local gold company Sub Nigel.
`This empowerment deal is evidence, not that it is needed, that Aflease is a
proudly South Africa company, anchored in South Africa, and committed to the
ideals and values of our rainbow democracy.
`It will serve as a model to other companies.`
Contacts: Neal Froneman: 083 628 0226
John Fraser: 082 331 7330
Carol Smith 082 338 2228
Sandile Zungu: 083 269 0657
Date: 20/09/2005 03:23:14 PM
Produced by the JSE SENS Department
