AECI
LIMITED
Incorporated
in the Republic of South
Africa
(Registration
number: 1924/002590/06)
Share
code: AFE ISIN:
ZAE000000220
Hybrid
code: AFEP ISIN: ZAE000000238
Bond
company code: AECI
LEI:
3789008641F1D3D90E85
(AECI or
the Company or the Group)
CHANGE
TO THE BOARD – RESIGNATION OF EXECUTIVE
DIRECTOR
In
compliance with paragraphs 3.59 of the JSE Limited (JSE) Listings
Requirements and 6.39 of the JSE Debt Listings Requirements, the
AECI Board of Directors of (“the Board”) advises its shareholders
and noteholders that Mr Mark Kathan
will be stepping down as Executive Director of AECI Limited and
Managing Director of AECI Mining by mutual agreement with effect
from 31 October 2023.
To ensure
a smooth and quick transition of executive authority, Group CEO
Holger Riemensperger, will act in
the role until a successor is appointed. Mr Kathan will consult to
the business through to the end of the 2023 financial year to
ensure continuity. The process to identify a new Managing Director
for AECI Mining with global experience suitable for the future
strategy and structure of the business will commence
immediately.
Mark has
been with the Group for 15 years and was previously the Group Chief
Financial Officer for 13 years.
Group
Chairman, Khotso Mokhele said, “Mark joined AECI in 2008 and has
been a member of the Group Executive Committee and the Board
throughout his tenure. He has played a pivotal role in several
critical initiatives, including delivering South Africa’s largest
urban freehold land sale and de-risking the company’s balance
sheet.
“During
his tenure leading AECI Mining, it has gained market share in
Australia, Southern Africa and the rest of the African
continent, enabling strong momentum in profitability improvements.
In addition, the foundation has been laid for further international
expansion, most notably in Latin America.”
Mark Kathan said, “I feel honoured and privileged to have
been inspired by, and to have worked with, so many committed people
and strong teams at AECI for more than 15 years, and in building
AECI into a successful company. I will continue to follow AECI with
much interest and wish Holger and the Board all the success in the
future”.
The Board
would like to express its appreciation to Mark for his service and
commitment to the Group and wishes him well in the future.
Woodmead,
Sandton
31 October 2023
Equity and
Debt Sponsor: Rand Merchant Bank (A
division of FirstRand Bank Limited)