Wrap Text
Directorate Change
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 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 in past five
Mr Schutte - Current Directorships years
Future Solutions Holdings (Pty) Ltd Rand Uranium (Pty) Limited
Co Prop 110 (Pty) Limited
C
De Wet Schutte Property Investments CC
DIS Financial Services CC
DIS Financial Services CC
Classic Crown Properties 210 CC
Classic Crown(pty) Limited
LMP Minerals Properties 210 CC
Kombi Kitchens CC
LMP Minerals (pty) Limited
Plateau Resources (Pty) Limited
Kombi Kitchens CC
Boikgantsho Platinum Mine (Pty) Limited
Plateau Resources (Pty) Limited
Bokoni Holdings (Pty) Limited
Boikgantsho Platinum (Pty) Limited
Bokoni Platinum MinesMine (Pty) Limited
Kwanda Platinum Mine (Pty) Limited
Bokoni Holdings (Pty) Limited
DLS Investments (Pty) Limited
Bokoni Platinum Mines (Pty) Limited
Ga-Phasha Platinum Mine (Pty) Limited
Nest in 3 (Pty) Limited
Kwanda Platinum Mine (Pty) Limited
Stand 2588 Johannesburg (Pty) Limited
DLS Investments (Pty) Limited
Ga-Phasha Platinum Mine (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:
David Brown Chief Executive Officer Coal of Africa +27 10 003 8000
Celeste Riekert Investor Relations Coal of Africa +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Matthew Armitt/Ross Allister Nominated Adviser Peel Hunt LLP +44 20 7418 8900
Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150
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).
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 – Chairman, David H. Brown – Chief Executive Officer
Non-executive directors: Peter G. Cordin, Andrew D. Mifflin, Khomotso B. Mosehla , Thabo F. Mosololi, Rudolph H. Torlage
Date: 22/06/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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