[miningmx.com] – Andre Boje, founding CEO of Wescoal Holdings and a key driver in the re-invention of the company three years ago, has resigned his post, the company said in an announcement.
Waheed Sulaiman, who was appointed to Wescoal’s board as executive director for commercial and strategy affairs in February, will be acting CEO. Wescoal would meet on
April 1 to seek a new CEO. Boje’s resignation is effective April 14.
“The board of directors would like to thank Andre for his contribution to the company and group of which he has been the CEO since inception 18 years ago,” Wescoal said in an announcement to the Johannesburg Stock Exchange.
Shares in the company were 1.5% weaker.
Miningmx said on March 25 that Boje and his chairman, Robinson Ramaite were at loggerheads after a takeover offer from an international company was frustrated by Ramaite who had a different strategy for the company.
It is thought Ramaite preferred to build his own stake Wescoal in terms of a plan sanctioned by the company before December in which Wescoal would lift its black economic empowerment status to 50% plus one share.
This was in order to supply Eskom some 2.4 million tonnes/year from its newly acquired Elandspruit project. The Department of Public Enterprises has said new sources of supply to Eskom must be black-controlled.
In order to achieve this, shares worth R28m in Wescoal Holdings were unbundled to Ramaite in order for him to lift its stake in the coal business in his personal capacity. His direct and indirect stake in Wescoal is estimated to be about 30% worth R112.5m.
Ramaite has been aggressively buying shares in the company – he bought a further R110,000 worth of stock today. Boje owns about 5% of Wescoal equal to R19.5m.
