Coal of Africa Limited Directorate Change (7842Q)
June 22 2015 - 2:00AM
UK Regulatory
TIDMCZA
RNS Number : 7842Q
Coal of Africa Limited
22 June 2015
ANNOUNCEMENT 22 JUNE 2015
DIRECTORATE CHANGE
Coal of Africa Limited (the "Company" or "CoAL") is pleased to
announce the appointment of De Wet Schutte as the Company's Chief
Financial Officer ("CFO") and Executive Director with effect from
22 June 2015.
De Wet Olivier Schutte, aged 44, is a Chartered Accountant, CA
(SA) and completed an MBA at the University of Virginia in 2002. He
has been involved at the senior level in the mining and natural
resources industry for the past 16 years, most notably as Managing
Director, Natural Resources at Macquarie Bank and CFO at the listed
platinum producer, Atlatsa Resources Corporation. Prior to these
positions De Wet worked for Harmony Gold Mining (Pty) Ltd as its
New Business and Exploration Executive for a period of three years.
De Wet has a strong corporate finance background and will lead the
Company's funding and business development strategy.
David Brown Chief Executive Officer of CoAL, commented:
"I am delighted to have De Wet on board as we enter the exciting
stage of Makhado's development, our hard coking and thermal coal
project in Limpopo Province. De Wet's experience is perfectly
suited to assist CoAL in the search and execution of a strategic
partner and funding for this flagship project. His wealth of
experience will be vital as we look to fulfil our strategy of
becoming a significant coking coal producer in South Africa. His
experience in the sector will help to develop options for the
company."
ASX Listing Rules (3.16.4) require the company to disclose all
the material terms and conditions of the employment agreement. The
following are salient features of the signed agreement:
-- Commencing on 22 June 2015;
-- Annual gross base remuneration of ZAR 3, 600,000, inclusive of superannuation
-- An annual bonus equivalent to 100% of base remuneration dependant on business performance;
-- 6,600,000 options to be granted in three equal tranches over
a three-year period (Year 1: 2,200,000 at ZAR 1, 20, Year 2:
2,200,000 at ZAR 1, 32, Year 3: 2,200,000 at ZAR 1, 45). These are
granted in accordance with the Company's employee share option plan
and subject to shareholder approval. Should there be a change of
control event, the options will vest immediately; and
-- The employment contract is open-ended but includes a notice period of three months.
Save as set out below there is no further information required
to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM
rules for De Wet Schutte.
Mr Schutte - Directorships
Mr Schutte - Current Directorships in past five years
----------------------------------- ----------------------------
Future Solutions Holdings Rand Uranium (Pty) Limited
(Pty) Ltd C
Co Prop 110 (Pty) Limited
De Wet Schutte Property
Investments CC
DIS Financial Services
CC
Classic Crown Properties
210 CC
LMP Minerals (pty) Limited
Kombi Kitchens CC
Plateau Resources (Pty)
Limited
Boikgantsho Platinum Mine
(Pty) Limited
Bokoni Holdings (Pty)
Limited
Bokoni Platinum Mines
(Pty) Limited
Kwanda Platinum Mine (Pty)
Limited
DLS Investments (Pty)
Limited
Ga-Phasha Platinum Mine
(Pty) Limited
DIS Financial Services
CC
Classic Crown Properties
210 CC
LMP Minerals (pty) Limited
Kombi Kitchens CC
Plateau Resources (Pty)
Limited
Boikgantsho Platinum Mine
(Pty) Limited
Bokoni Holdings (Pty)
Limited
Bokoni Platinum Mines
(Pty) Limited
Kwanda Platinum Mine (Pty)
Limited
DLS Investments (Pty)
Limited
Ga-Phasha Platinum Mine
(Pty) Limited
Nest in 3 (Pty) Limited
Stand 2588 Johannesburg
(Pty) Limited
----------------------------------- ----------------------------
There are no further financial benefits in terms of the
employment contract.
Authorised by
David Brown
Chief Executive Officer
For more information contact:
Chief Executive +27 10 003
David Brown Officer Coal of Africa 8000
+27 10 003
Celeste Riekert Investor Relations Coal of Africa 8000
Endeavour Corporate +61 08 9316
Tony Bevan Company Secretary Services 9100
Company advisors:
Nominated
Matthew Armitt/Ross Adviser +44 20 7418
Allister Financial 8900
Jos Simson/Emily PR (United Peel Hunt LLP +44 20 7920
Fenton Kingdom) Tavistock 3150
Charmane Russell/Jane Financial Russell & Associates +27 11 880
Kamau PR (South 3924 or
Africa) +27 82 372
5816
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and
mining company operating in South Africa. CoAL's key projects
include the Vele Colliery (coking and thermal coal), the Greater
Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project
(coking and thermal coal).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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