MC Mining Limited Appointment of Interim CEO (9391P)
February 22 2021 - 09:30AM
UK Regulatory
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RNS Number : 9391P
MC Mining Limited
22 February 2021
ANNOUNCEMENT
22 February 2021
APPOINTMENT OF INTERIM CHIEF EXECUTIVE OFFICER
MC Mining Limited ("MC Mining" or the "Company") a nnounces
that, further to its announcement of 12 February 2021, Brenda
Berlin has resigned as Acting Chief Executive Officer ("CEO") and
Executive Director. The search for a replacement CEO is at an
advanced stage and Non-Executive Director Sam Randazzo, the
Chairman of the Company's Audit & Risk Committee, has been
appointed as Interim CEO. The material terms agreed with regards to
Ms Berlin's resignation as well as Mr Randazzo's interim employment
agreement are noted in Annexure A.
An Appendix 3Z (Director's Final Interest Notice) for Ms Berlin
will be released separately.
Authorised by
Tony Bevan
Company Secretary
This announcement has been approved by the Company's Disclosure
Committee.
For more information contact:
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
James Harris / James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
James Duncan 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 and thermal
coal), Makhado Project (hard coking coal). Vele Colliery (semi-soft
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.
Brenda Berlin: Resignation Agreement
-- 12 February 2021 resignation date
-- No bonus is payable following Ms Berlin's resignation
-- Cancellation of four months of the agreed six-month notice period
-- Performance Rights:
Shareholders approved the granting of performance rights to Ms
Berlin at the 2018 Annual General Meeting ("AGM"), 2019 AGM and the
2020 AGM. These rights were granted in terms of the Company's
Performance Rights Plan approved by shareholders at the 2018
AGM.
All of Ms Berlin's unvested performance rights will be
cancelled, being:
o 635,347 performance rights, being the balance of the rights
granted in 2018;
o 736,428 performance rights granted in 2019; and
o 3,045,728 performance rights granted in 2020.
Sam Randazzo: Appointment Agreement
-- Interim CEO commencement date of 15 February 2010
-- Annual gross base remuneration (inclusive of superannuation) R5,724,500
-- 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 and does not include a notice period
-- Performance Rights:
Mr Randazzo as CEO is eligible to be issued performance rights
under the Company's Performance Rights Plan. Any such issue would
be subject to ongoing employment as CEO and shareholder
approval.
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END
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