Wrap Text
Corporate update - changes to the board
Forbes & Manhattan Coal Corp.
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: FMC
Share code on the JSE Limited: FMC
ISIN: CA3451171050
(“Forbes Coal” or “the Company”)
FORBES COAL PROVIDES CORPORATE UPDATE
TORONTO, ONTARIO – February 5, 2014: Forbes & Manhattan Coal
Corp. (“Forbes Coal” or the “Company”) (TSX: FMC) (JSE: FMC) is
pleased to announce the appointment of Mr. Bob Francis to the
board of directors of Forbes Coal. The appointment of Mr.
Francis follows the resignation of Messrs. Stan Bharti and
Stephan Theron who have stepped down as directors of Forbes
Coal. Messrs. Bharti and Theron helped found Forbes Coal and
have been instrumental in the Company’s achievements over the
years.
Mr. Francis is a retired (2007) senior partner of the Toronto
office of Deloitte & Touche, having enjoyed an extensive career
in public accounting. During his 39 years of public accounting
experience, and 30 years as a partner, he focused on financial
statement audits and securities engagements of companies
operating in the resources, retail, manufacturing, electronics
and real estate industries. Mr. Francis led the Deloitte &
Touche Resource Sector Mining Group practice providing a
complete range of services to companies in the metals/mining
sector. Mr. Francis also has vast experience in engagement
management and audit reporting, with a variety of Canadian
public companies and SEC registrants, including multi-billion
dollar multinationals, and major Canadian subsidiaries of
foreign (U.S. and U.K.) public companies.
Mr. Francis has managed all services to leading base and
precious metal producers, leading retailers, a leading
telecommunication equipment manufacturer, and for other clients
in the automotive, chemical, food container, electronics, and
real estate industries. Mr. Francis has also assisted clients in
addressing regulatory compliance matters governing the
preparation of and disclosure relating to financial statements
and other public reporting documents. In addition, he has
contributed to the development of governance programs in such
areas as Audit Committee Charters and advising on governance
best practices.
The Company also reports that Mr. Theron has stepped down from
his role as President and Chief Executive Officer of the Company
but has agreed to continue with Forbes Coal in a consulting
capacity. Mr. Craig Wiggill will assume an interim role of
Executive Chairman and Chief Executive Officer until the date of
shareholder approval of the convertible loan with Resource
Capital Fund, the Company’s largest shareholder. Mr. Malcolm
Campbell will be appointed as Chief Executive Officer of the
Company following the date of shareholder approval.
Mr. Wiggill has held management, executive and directorship
positions with several international mining and marketing
companies in the coal sector. As CEO of Coal Americas at Anglo
American plc., he was responsible for overseeing all coal
activities in North and South America. He was previously
Managing Director of Anglo Coal Marketing Ltd from 2000 to 2004
and is an engineer by profession (B.Sc. Engineering, University
of the Witwatersrand, 1984).
Mr. John Dreyer will assume the role of lead independent
director of the Company.
Forbes Coal is also pleased to announce that Ms. Sarah Williams
has been appointed as Chief Financial Officer of the Company,
replacing Ms. Battiston who is stepping down from her role with
Forbes Coal.
Ms. Williams is a Chartered Accountant (SA) with eleven years
experience in the corporate finance industry. Her expertise is
in the resource sector where she played key roles in company
listings and IPOs, mergers and acquisitions, restructurings and
debt and equity capital raisings. She has advised on numerous
transactions in the coal, gold, diamonds and iron ore sectors.
Prior to joining Forbes Coal, Ms. Williams was with Sasfin Bank,
a South African bank listed on the Johannesburg Stock Exchange.
Before Sasfin Bank, Ms. Williams held positions with boutique
and major finance advisory groups.
Each of Messrs. Bharti, Theron and Ms. Battiston have been
instrumental in their roles with Forbes Coal and the board of
directors of the Company thank each of them for their past
services and wish them the best in their future endeavors.
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It
holds a majority interest in two operating mines through its
100% interest in Forbes Coal (Pty) Ltd., a South African company
which has a 70% interest in Zinoju Coal (Pty) Ltd. (“Zinoju”).
Zinoju holds a 100% interest in the Magdalena bituminous mine
and the Aviemore anthracite mine in South Africa. Forbes Coal
has an experienced coal-focused management team.
Cautionary Notes:
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the appointment and resignation of
offices and directors of the Company and future financial or
operating performance of Forbes Coal and its projects.
Generally, forward-looking information can be identified by the
use of forward-looking terminology such as “plans”, “expects” or
“does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and
phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or
achievements of Forbes Coal to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: general business, economic,
competitive, foreign operations, political and social
uncertainties; a history of operating losses; delay or failure
to receive board or regulatory approvals; timing and
availability of external financing on acceptable terms; not
realizing on the potential benefits of the proposed transaction;
conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other
risks of the mining industry; and, delays in obtaining
governmental approvals or required financing or in the
completion of activities. Although Forbes Coal has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information.
The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Craig
Wiggill
Executive Chairman and Interim CEO
Email: crwiggill@gmail.com
Sarah Williams
Chief Financial Officer
+27 11 656 3206
Email : swilliams@forbescoal.com
6 February 2014
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 06/02/2014 07:10:00 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 
