SIM
SIIF
Simmers - Media Release
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")
Issued by Simmer & Jack Mines, Limited
31 March 2006
CORRECTION TO MEDIA REPORTS REGARDING SIMMERS" FORENSIC INVESTIGATION
Simmers" chairman Nigel Brunette said today that Simmers welcomed an
investigation to resolve the current shareholder conflict in Jaganda but that it
was not true that Vulisango had called for a forensic investigation, as was
reported in the media yesterday.
"At a meeting of the audit committee on Monday March 27, the three independent
Simmers directors revisited the idea of a forensic audit, not because Simmers"
current auditors had identified any problems, but as an attempt to deal with
Vulisango"s allegations once and for all," said Brunette.
In November last year, the Simmers board agreed to an investigation and invited
Vulisango to provide the terms of reference. Vulisango did not provide the terms
of reference, so there the matter rested until Monday afternoon.
Brunette said that at the audit committee meeting the members of the committee
agreed to draft terms of reference to present at the next Simmers board meeting.
"These terms are still in the process of being drawn up. The members of the
committee also suggested that Mr John Louw be appointed as the forensic
investigator and that this would be tabled at a forthcoming board meeting which
at that time had not been convened. Neither the terms of reference nor the
appointment of Mr Louw has been put to the Simmers board yet.
"The very next day confidential information that had been discussed at both the
audit and the remuneration committees appeared in the media. Not only had the
information been leaked, but it was presented in an inaccurate and misleading
fashion. At that stage, the minutes of those meetings had yet to be drafted.
"As chairman, I am strongly of the opinion that the selective and inaccurate
leaking of confidential information in a manner deliberately designed to inflame
the shareholder conflict and cause disruption in the market place is of grave
concern and is destructive of value for all Simmers shareholders."
FOR FURTHER INFORMATION PLEASE CONTACT GAIL STRAUSS ON 084 777 4060
Date: 31/03/2006 05:38:58 PM Produced by the JSE SENS Department
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