Simmer And Jack Mines Limited - Jaganda Shareholde
SIM
SIIF
Simmer And Jack Mines Limited - Jaganda Shareholders Apply To Have Simmers
Control Structure Unbundled
SIMMER AND JACK MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM
ISIN: ZAE000006722
("Simmers" or "the company")
MEDIA RELEASE
JAGANDA SHAREHOLDERS APPLY TO HAVE SIMMERS CONTROL STRUCTURE UNBUNDLED
Simmer & Jack Mines, Limited (Simmers) today announced that an internal dispute
within majority BEE shareholder, Jaganda (Pty) Limited, has led to a group of
shareholders within Jaganda applying to the High Court for a winding up of
Jaganda in terms of Section 346 of the Companies Act on the basis that it would
be just and equitable to do so.
Commenting on the dispute, Simmers chairman Nigel Brunette said that he did not
wish to take a partisan view of what was essentially a Jaganda issue, especially
as he was on good terms with both parties.
"I would like to assure Simmers" shareholders that the dispute is between two
groups of shareholders only and relates purely to their relationship with each
other in Jaganda. It will make no difference to the Simmers management,
operations or even the composition of the board of directors, the only outcome
of the dispute being whether Jaganda continues to exist, and if not, what
proportion of shares the parties will hold relative to each other," said
Brunette.
Jaganda, which currently holds a 44% stake in Simmers, is controlled by two
groups of shareholders - Vulisango, representing most of Simmers" BEE interests,
holds 100% of a subsidiary which in turn holds 51% of Jaganda, and a voting pool
which includes some of Simmers" executive management, holds 49%.
Negotiations between the two shareholder groupings to unbundle the control
structure began at the end of last year but failed when the two parties could
not reach consensus. Last month the Jaganda shareholders agreed to put
negotiations on hold to allow the company to focus on fast-tracking Simmers"
mineral rights applications instead.
Brunette said that the issuing of a Simmers cautionary was necessary only in so
far as the outcome of the dispute between the two shareholder groupings remained
uncertain until such time as the court had ruled on the application.
For further information please contact Ruben Els on +27833026602
Issued by Simmer & Jack Mines, Limited
Date: 02 March, 2006
Date: 02/03/2006 04:45:41 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
