Wrap Text
David Brown appointed CEO of Coal of Africa
Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000CZA6
JSE/ASX/AIM share code: CZA
("CoAL or the "Company" or the "Group")
ANNOUNCEMENT 4 February 2014
DAVID BROWN APPOINTED CEO OF COAL OF AFRICA
Coal of Africa Limited (the “Company" or "CoAL") is pleased to announce that David Brown has been appointed as
Chief Executive Officer (“CEO”) and Executive Director with effect from 1 February 2014.
th
David was appointed as Non-executive Chairman of CoAL effective the 6 of August, 2012, and subsequently appointed as acting
st
CEO on the 1 of June, 2013. David joined the CoAL board following almost 14 years at Impala Platinum Holdings Limited
(“Implats”), where he served as a board member of Implats as Chief Finance Officer from January 1999 to August 2006, and then
as CEO from September 2006 to June 2012.
He is also a Non-executive Director at Vodacom Group Limited (January 2012 to date) and Edcon Holdings Limited (January 2013
to date). He is also a member of the Accenture South African Advisory Board.
David is a Chartered Accountant, CA (SA) and completed his articles with Ernst and Young, graduating from the University of
Cape Town with a BCom. C.T.A.
Further, following the appointment of David Brown, Bernard Pryor has been appointed as CoAL’s interim Chairman effective 1
February 2014, whilst the search for a Chairman has commenced.
Bernard is the CEO of African Minerals Limited and until recently Chief Executive of Q Resources Plc. Between 2006 and 2010 he
held senior executive positions within Anglo American Plc. as head of business development, and CEO of Anglo Ferrous Brazil
Inc. Bernard was appointed as an Independent Non-executive Director of CoAL in August 2012.
Bernard Pryor stated: “I am delighted that David has joined the company on a permanent basis as CEO. CoAL now has the ability
to build on the significant progress that has been made over the last 12 months. David brings substantial South African mining
experience and has been instrumental in defining the CoAL turnaround strategy and commencing its implementation. His wealth
of experience will be vital as we shape CoAL towards its strategy of becoming a significant coking coal producer in South Africa.”
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 1 February 2014.
- Annual gross base remuneration of ZAR 5,500,000, inclusive of superannuation.
- An annual bonus equivalent to 100% of base remuneration dependant on business performance.
- 10,575,000 options to be granted in three equal tranches over a three-year period (Year 1: 3,525,000 at ZAR 1, 20, Year 2:
3,525,000 at ZAR 1, 32, Year 3: 3,525,000 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.
- The employment contract is open-ended but includes a notice period of three months.
- David has agreed to forfeit the 2,500,000 unvested share options allocated to him in his contract as Non-executive
Chairman.
There are no further financial benefits in terms of the employment contract.
AU: Coal of Africa Limited, Suite 8, 7 The Esplanade, Mount Pleasant, Perth WA 6153, Australia, Tel: +61 8 9316 9100, Fax: +61 8 9316 5475
ZA: South Block, Summercon Office Park, Cnr Rockery Lane and Sunset Avenue, Lonehill, 2191, Tel: +27 10 003 8000 Fax: +27 11 388 8333 Email: adminza@coalofafrica.com
Bernard R. Pryor – Interim Chairman, David H. Brown – Chief Executive Officer , Michael G. Meeser – Chief Financial Officer
Non-executive directors: Peter G. Cordin, Khomotso B. Mosehla, David J. K. Murray, Rudolph H. Torlage
For more information contact:
David Brown Chief Executive Officer Coal of Africa +27 10 003 8000
Michael Meeser Chief Financial Officer Coal of Africa +27 10 003 8000
Celeste Harris Investor Relations Coal of Africa +27 10 003 8038
Tony Bevan Company Secretary Endeavour Corporate Services +61 8 9316 9100
Company advisors:
Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150
Chris Sim/Jeremy Ellis Nominated Adviser Investec Bank plc +44 20 7597 5970
Charmane Russell/Jane Kamau Financial PR (South Africa) Russell & Associates +27 11 880 3924 or
+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).
Date: 04/02/2014 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
