Bernard Swanepoel

Swanepoel sees value in Simmers

| Wed, 23 Sep 2009 07:49 In an interview on SAfm @ 18.10 on 22 September 2009

[miningmx.com] -- The in-fighting between Simmer & Jack and its black economic empowerment partner Vulisango may be an opportunity for Vulisango advisor Bernard Swanepoel to take advantage of.

This follows the resignation from the Simmers board of four non-executive directors linked to Vulisango after allegations that the four have unresolved conflicts of interests which have resulted in breaches of fiduciary duties.

"There's a huge value trap and clearly my company and my own background has always been when I think there's a value trap then I get very interested," Swanepoel said on SAfm Market Update.

He said the core of the frustration from Valisango is the fact that they want to unlock the value which is in Simmers. "They feel this company is dramatically undervalued, and they feel that all the proposals that they try to put forward get blocked or management simply refuses to consider it," Swanepoel said.

He said the "infamous project clean-sweep" was intended to get rid of all the black directors.

"I think the current board now will find it impossible to function the way they are. I dare say they would not find any respectable candidates to replace the BEE nominees. Who knows what the future holds?" Swanepoel said.

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