MC Mining Limited APPOINTMENT OF ACTING CHIEF EXECUTIVE OFFICER (4754C)
February 10 2020 - 3:46AM
UK Regulatory
TIDMMCM
RNS Number : 4754C
MC Mining Limited
10 February 2020
ANNOUNCEMENT 10 February 2020
APPOINTMENT OF ACTING CHIEF EXECUTIVE OFFICER
MC Mining Limited ("MC Mining" or "the Company") announced that
with effect from 31 January 2020, David Brown had resigned as Chief
Executive Officer ("CEO") and Executive Director and that
Brenda Berlin, the Company's Chief Financial Officer ("CFO")
will serve as Acting CEO. The material terms agreed with regards to
Mr Brown's resignation as well as Ms Berlin's employment agreement
are noted in Annexure A.
An Appendix 3Z (Director's Final Interest Notice) for Mr Brown
will be released separately.
Authorised by
Tony Bevan
Company Secretary
For more information contact:
Brenda Berlin CFO and Acting CEO MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Ross Allister/David McKeown Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
Charmane Russell/Olwen Auret Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development
and mining company operating in South Africa. MC Mining's key
projects include the Uitkomst Colliery (metallurgical coal),
Makhado Project (hard coking coal and thermal coal by-product).
Vele Colliery (coking and thermal coal), and the Greater
Soutpansberg Projects (coking and thermal coal).
Annexure A
All amounts are in South African Rand unless otherwise
stated.
David Brown Resignation Agreement
-- 31 January 2020 resignation date
-- No bonus is payable following Mr Brown's resignation
-- Cancellation of agreed six-month notice period
-- Performance Rights:
The Board of Directors has approved the vesting of 208,537
performance rights, being one-third of the rights granted to Mr
Brown and approved by shareholders at the 2017 Annual General
Meeting ("AGM"). These rights are in lieu of Mr Brown's six-month
notice period and are issued in terms of the rules of the Company's
Performance Rights Plan, approved by shareholders at the 2015 AGM
and again at the 2018 AGM. Mr Brown has agreed not to dispose of
any ordinary shares received (as a result of the performance rights
vesting) for a period of one year i.e. until 31 January 2021.
The balance of Mr Brown's performance rights will be cancelled,
being:
o 417,074 performance rights, being the balance of the rights
granted in 2017;
o 878,287 performance rights granted in 2018; and
o 915,852 performance rights granted in 2019.
Brenda: CFO and Acting CEO Appointment
-- Acting CEO commencement date of 1 February 2020
-- No change in annual gross base remuneration (inclusive of
superannuation) which will remain at R5,724,500 despite the
additional Acting CEO role
-- No change in annual bonus which is an amount of up to 100% of
base remuneration, dependent on business performance and board
approval
-- The employment contract is open-ended but includes a notice period of six months
-- Performance Rights:
Shareholders approved the granting of performance rights to Ms
Berlin at the 2018 AGM and the 2019 AGM. These rights have been
granted in terms of the Company's Performance Rights Plan approved
by shareholders at the 2015 AGM and again at the 2018 AGM.
The following performance rights have been granted to Ms
Berlin:
o 635,347 performance rights granted in 2018; and
o 736,428 performance rights granted in 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAFIFSAFIIILII
(END) Dow Jones Newswires
February 10, 2020 04:46 ET (09:46 GMT)
Mc Mining (LSE:MCM)
Historical Stock Chart
From Apr 2024 to May 2024
Mc Mining (LSE:MCM)
Historical Stock Chart
From May 2023 to May 2024