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Swanepoel gets To The Point Posted: Mon, 12 Jan 2009 [miningmx.com] -- BERNARD Swanepoel has resigned from the boards of AIM-listed Central African Mining & Exploration (Camec) and ASX-listed Mintails as well as unlisted exploration company Dengetenge Platinum. Swanepoel said on Monday he had done so to focus his time and effort on what had become the core interests for his To The Point company, JSE-listed Village Main Reef Gold Mining (Village) and unlisted Delta Mining. He retains his directorships at Sanlam and African Rainbow Minerals (ARM). Swanepoel formed To The Point at the beginning of 2008 as a consultancy and advisory firm. He accepted the directorships at Mintails and Camec in line with an approach that these were companies To The Point could help with their growth strategies. He said: “I am trying to follow my money. The first year of To The Point’s operations involved a fair amount of playing around. “Mintails has now sold its short-term operating assets to DRDGold while I am no longer doing any consulting work for Dan Gertler, which is how I got involved with Camec. “ To The Point took a 48% stake in Village in 2008, intending to use it as a listed vehicle to acquire mineral assets. Swanepoel’s plan was to raise R20m through a “claw back rights issue” for Village. This would also increase To The Point’s stake to above 50%, giving it full control of Village. That fell foul of the JSE which ruled the deal would change Village’s listing definition from a “curtailed operation” to a “cash shell”. That, in turn, would have exposed Village to the risk of having its listing suspended because of JSE rules governing cash shell operations. Swanepoel called these “unacceptable” in late November. He said at the time: “It is unfortunate that the planned resurrection of Village is delayed due to the inconsistency and inflexibility of the JSE.” Swanepoel said on Monday: “You cannot fight the JSE. It is like trying to argue with a cricket umpire after he has given you out.” He added the next major development for Village was likely to result from a board meeting to be held at the end of February or beginning of March. “We’ll take stock and reflect on whether there’s some synergy between To The Point, Delta and Village,” he said. To The Point has a 30% stake in Delta, which owns a number of coal mining prospects in South Africa.
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