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OAKBAY RESOURCES AND ENERGY LIMITED - Changes to The Board of Directors of The Company and The Board of a major subsidiary

Release Date: 08/04/2016 13:24
Code(s): ORL     PDF:  
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Changes to The Board of Directors of The Company and The Board of a major subsidiary

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“Company” or “Oakbay Resources”)


CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY AND THE
BOARD OF A MAJOR SUBSIDIARY

Oakbay Resources regrets to announce the resignation, from all group companies, of
both its Non-Executive Chairman, Mr. Atul Gupta, and its Chief Executive Officer, Mr.
Varun Gupta, with immediate effect. Additionally, Mr. Duduzane Zuma, has resigned
as a Non-Executive Director of Shiva Uranium, a major subsidiary of the Company.

This decision follows a sustained political attack on the Company, and the concern
that the jobs and livelihoods of nearly one thousand employees would be at immediate
risk as a result of the outgoing director’s association with the Company. Accordingly,
the outgoing directors are of the view that it would be in the best interests of the
Company, its shareholders and employees for them to step down with immediate
effect.

In line with the company’s succession plan, Mr. Terence Rensen, the existing Lead
Independent Non-Executive Director, will take up the role of acting Independent Non-
Executive Chairman, and Mr. Trevor Scott, the Company’s Financial Director, will take
up the role of acting Chief Executive Officer until such time that the board and the
nominations committee have identified and appointed the appropriate candidates to
fill the vacant positions. The Company’s operations, projects and strategic initiatives
will remain unaffected by the changes to the board, and will continue as planned.

The board wishes to thank both Mr. Atul Gupta, Mr. Varun Gupta and Mr. Duduzane
Zuma for their efforts over the years and wish them the best for the future.

An update regarding the Company’s banking relationships will be provided shortly.

08 April 2016

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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