3% Simmers settles board battle
Brendan Ryan | Fri, 22 Jan 2010 11:43[miningmx.com] -- VULISANGO and Rand Merchant Bank (RMB) have reached a settlement with the interim board of Simmer and Jack Mines (Simmers) over the future structure of the Simmers board. According to sources an announcement is due out either later today or tomorrow giving the details. Simmers spokesperson Gail Strauss could not be reached and Vulisango CEO Valence Watson declined to comment when approached. Shareholders will still vote on the new board at the general meeting to be held on February 1 but the settlement defuses the highly hostile situation that had existed between Vulisango and the interim board. The dispute between Vulisango and the previous Simmers board hammered the Simmers share price dropping it to a 12-month low of 145c from a high of 357c. Simmers shares recovered to just over 200c last week before falling back to around 180c currently. Miningmx understands the structure of the new board is that the present non executive chairman Vusi Khanyile retains his position as does CEO Deon van der Mescht. Vulisango will appoint six nominees to the board while six of the current interim board of directors will retain their seats. Former Harmony gold CEO Bernard Swanepoel is to be appointed to the Simmers board as an RMB nominee. Previously Swanepoel had been put forward by Vulisango to be the Simmers chairman. The Vulisango appointees include mining heavyweights David Brown – CEO of Impala Platinum - and Aquarius Platinum CEO Stuart Murray. The writer owns shares in Simmers.
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