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RNS Number : 6234J
MC Mining Limited
28 April 2022
ANNOUNCEMENT 28 April 2022
CHANGES TO THE BOARD
MC Mining Limited (MC Mining or the Company) announces changes
to its board of directors.
The Company announced on 11 April 2022 that Mr Nhlanhla Nene and
Mr Godfrey Gomwe had been elected as directors of the Company, with
their appointments being subject to completion of the due diligence
required by the AIM Rules for Companies, AIM Rules for Nominated
Advisers and approval by Strand Hanson, the Company's Nominated
Adviser. The Company is pleased to confirm that the afore-mentioned
processes for both Mr Nene and Mr Gomwe have now been
completed.
Appointment of Chairman and Chief Executive Officer
MC Mining's Board has appointed Mr Nene as Chairman and Mr Gomwe
as Chief Executive Officer (CEO). Mr Nene replaces Mr Khomotso
Mosehla, who served as the interim Chairman following Mr Bernard
Pryor's resignation, as announced by the Company on 11 March 2022.
Mr Gomwe has been appointed as MC Mining's Managing Director and
CEO following the resignation of Executive Director and interim
CEO, Mr Sam Randazzo. The material terms agreed with regards to Mr
Randazzo's resignation, as well as Mr Gomwe's employment agreement
are noted in Annexure A.
Appointment of Non-Executive Director
The Company has also appointed Mr Mathews Senosi as a
Non-Executive Director with immediate effect. This appointment
follows the Company's issue of 38,363,909 ordinary shares to Senosi
Group Investment Holdings (Pty) Ltd, as announced on 6 April 2022.
Mr Senosi is a qualified mining engineer (University of the
Witwatersrand) with over 25 years' experience in mining and project
execution. Mathews gained experience at Anglo Coal before
successfully pursuing personal business interests in mining,
engineering and consulting as well as civil and construction
projects, and was a key contributor in the successful execution of
numerous coal mining projects. Mr Senosi has extensive experience
in opencast and underground coal mining and is the CEO of the
Overlooked Mining Group which produces over 7.5 million tonnes per
annum of thermal coal for the export and domestic markets.
Commenting today, MC Mining's Chairman, Nhlanhla Nene, said : "I
congratulate Mr Gomwe on his appointment as Managing Director and
CEO. Godfrey brings a wealth of mining, commercial, financial and
leadership expertise, and his extensive skills will be invaluable
to MC Mining as we complete the Makhado funding package with a view
to commencing construction later in CY2022. The Board also welcomes
Mr Senosi's appointment and looks forward to his contribution in
taking MC Mining forward to achieve its objectives and vision."
Additional Information
The following additional information is provided in accordance
with paragraph (g) of Schedule Two of the AIM Rules for
Companies.
Nhlanhla Musa Nene (aged 63)
Current Directorships/Partnerships Past Directorships/Partnerships
(last five years)
Arise BV Allan Gray Group (Pty) Ltd
----------------------------------
Access Bank South Africa Ltd Allan Gray Life Ltd
----------------------------------
Africa Cup of Nations 2013 Local Allan Gray Unit Trust Management
Organising Committee South Africa(1) Pty Ltd
----------------------------------
Babiro Property Holdings CC Empact Group Pty Ltd
----------------------------------
BDB Agricultural Supplies CC Grocapital Holdings Ltd
----------------------------------
Little Elephant Training Centre Grow Fresh Produce Agents (Pty)
for Early Education Ltd
----------------------------------
Main Street 1532 Pty Ltd Motsamayi Corridors Company (Pty)
Ltd
----------------------------------
The Council for Health Service
Accreditation of Southern Africa
----------------------------------
Thebe Investment Corporation
(Pty) Ltd
----------------------------------
Godfrey Gomwe (aged 66)
Current Directorships/Partnerships Past Directorships/Partnerships
(last five years)
AECI Limited Lashka 167 Proprietary Limited
--------------------------------
Anduro Investments (Pvt) Limited Lashka 168 Proprietary Limited
--------------------------------
Bermod Investments (Pvt) Limited Thebe Mining Resources (Pty)
Limited
--------------------------------
Blue Hills Ventures (Pty) Limited Promiguard Pty Ltd
--------------------------------
Econet Wireless Zimbabwe Limited
--------------------------------
Intaba Mountain Resources (Pty)
Limited
--------------------------------
K2014197565 Pty Ltd
--------------------------------
Marimba Global Investors (Pty)
Limited
--------------------------------
Masakane Resources Investments
(Pty) Limited
--------------------------------
Matinex (Pty) Limited
--------------------------------
MERB Pty Ltd
--------------------------------
Money for Jam Investments 42
(Pty) Limited
--------------------------------
Olive Trust
--------------------------------
One4Two (Pty) Limited
--------------------------------
Orion Minerals Limited
--------------------------------
Pinda Mzala Investments (Pty)
Limited
--------------------------------
Seriti Coal (Pty) Limited
--------------------------------
Seriti New Largo Pty Limited
--------------------------------
Seriti Resources Holdings Limited
--------------------------------
Southern Sphere Platinum (Pty)
Limited
--------------------------------
Studio 521 Investments CC
--------------------------------
The Meat Block Pty Limited
--------------------------------
Thebe Investment Corporation
Pty Limited
--------------------------------
Tshikululu Social Investments
NPC
--------------------------------
Tshikululu Trust
--------------------------------
Ubhejane Resource Investment
(Pty) Limited
--------------------------------
Vergelegen Wines (Pty) Limited
--------------------------------
VV Enterprise (Pty) Limited
--------------------------------
Wheat Sheaf Investments (Pty)
Limited
--------------------------------
Ontiretse Matthews Senosi (aged 44)
Current Directorships/Partnerships Past Directorships/Partnerships
(last five years)
Balindi Mining (Pty) Ltd Coalcor Mining (Pty) Ltd
-------------------------------------
Blue Mining Services (Pty) Ltd Emang One Resources (Pty) Ltd
-------------------------------------
Bochabela Mining (Pty) Ltd Klipbank Mining (Pty) Ltd
-------------------------------------
CMS Alpha (Pty) Ltd Kuruman Manganese Mining Contractors
(Pty) Ltd(2)
-------------------------------------
Dalirox (Pty) Ltd Sango Elihle Trading and Projects
CC
-------------------------------------
Dorstfontein Coal Mines (Pty)
Ltd
-------------------------------------
Dreamworks Haven Investments
(Pty) Ltd
-------------------------------------
Evening Shade Properties 126
(Pty) Limited
-------------------------------------
Forzando Coal Mines (Pty) Ltd
-------------------------------------
G and B Coal Mining (Pty) Ltd
-------------------------------------
Grazigen (Pty) Ltd
-------------------------------------
Ithemba Farm (Pty) Ltd
-------------------------------------
J A Engineering Works (Pty) Ltd
-------------------------------------
JCI Mining (Pty) Ltd
-------------------------------------
Katlego Coal (Pty) Ltd
-------------------------------------
Matubatuba Mining (Pty) Ltd
-------------------------------------
Newcastle Coal Mines (Pty) Ltd
-------------------------------------
Ontikea Commodities (Pty) Ltd
-------------------------------------
Overlooked Colliery (Pty) Limited
-------------------------------------
Overlooked Colliery Alpha (Pty)
Ltd
-------------------------------------
Overlooked Group Management Services
(Pty) Limited
-------------------------------------
PCD Eleazer Gold (Pty) Ltd
-------------------------------------
Sailfish Holdings (Pty) Ltd
-------------------------------------
Sazi Coal (Pty) Ltd
-------------------------------------
SBS Mining (Pty) Limited
-------------------------------------
Senocha Quarries (Pty) Ltd
-------------------------------------
Senosi Group Investments Holdings
(Pty) Ltd
-------------------------------------
Senosi Trading (Pty) Limited
-------------------------------------
SM Metals Exploration (Pty) Ltd
-------------------------------------
Soft Wink Properties (Pty) Limited
-------------------------------------
Tumelo Coal Mines (Pty) Ltd
-------------------------------------
Zelpy Gold Mine (Pty) Ltd
-------------------------------------
Note :
(1) South Africa's company registry notes that Mr Nene's
directorship role with Africa Cup of Nations 2013 Local Organising
Committee South Africa is current. However Mr Nene resigned from
this position in 2014 and steps are being taken to update the
records accordingly.
(2) South Africa's company registry notes that Mr Senosi was a
director of Kuruman Manganese Mining Contractors (Pty) Ltd until
2020. However Mr Senosi believes that the filings were made
erroneously and steps are being taken to update the records
accordingly.
Through Senosi Group Investment Holdings (Pty) Ltd, Mr Senosi is
beneficially interested in 38,363,909 Ordinary Shares in the
Company.
Other than the information contained within this announcement,
there is no further information required to be disclosed pursuant
to paragraph (g) of Schedule Two of the AIM Rules.
Authorised by
Nhlanhla Nene
Chairman
This announcement has been approved by the Company's Disclosure
Committee.
For more information contact:
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
James Harris / James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities Limited +44 20 7186 9031
James Duncan Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development
and mining company operating in South Africa. MC Mining's key
projects include the Uitkomst Colliery (metallurgical and thermal
coal), Makhado Project (hard coking coal). Vele Colliery (semi-soft
coking and thermal coal), and the Greater Soutpansberg Projects
(coking and thermal coal).
Statements of intention
Statements of intention are statements of current intentions
only, which may change as new information becomes available or
circumstances change.
Annexure A
All amounts are in South African Rand unless otherwise
stated.
Sam Randazzo: Resignation Agreement
-- 27 April 2022 effective resignation date
-- No bonus is payable following Mr Randazzo's resignation
-- Performance Rights: 4,871,406 vested performance rights
Shareholders approved the granting of performance rights to Mr
Randazzo at the 2021 Annual General Meeting. These rights were
granted under the terms of the Company's Performance Rights Plan.
Mr Randazzo is considered a 'Good Leaver' in terms of the
Performance Rights Plan and the MC Mining Board approved that the
4,871,406 unvested performance rights vested on his resignation as
a director of the Company.
Godfrey Gomwe: Appointment Agreement
-- CEO commencement date of 27 April 2022
-- Annual gross base remuneration of R5,724,500
-- Annual bonus which is an amount of up to 100% of base
remuneration, dependent on business performance and board
approval
-- The employment contract is open-ended but includes a notice period of six months
-- Performance Rights:
Mr Gomwe as CEO is eligible to be issued performance rights
under the Company's Performance Rights Plan. Any such issue would
be subject to ongoing employment as well as shareholder
approval.
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END
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