TIDMSLP
RNS Number : 1799D
Sylvania Platinum Limited
17 February 2020
_____________________________________________________________________________________
17 February 2020
Sylvania Platinum Limited
("Sylvania", the "Company")
AIM (SLP)
Board Changes
Sylvania Platinum Limited (AIM:SLP) today announces the
retirement of Mr Terry McConnachie as Chief Executive Officer
("CEO") with effect from 29 February 2020.
Terry was appointed as Managing Director ("MD") and CEO in late
2006 and is credited with Sylvania's rapid development and growth.
Under Terry's guidance the Sylvania Dump Operations ("SDO") have
grown from one plant commissioned in 2006 to seven profitable
operations. The capital expansion projects, implementation of
innovative technologies and cost controls across all operations
over the past 14 years has seen the Group prosper even through
downturns in the market.
At a corporate level the Company paid its maiden dividend in
November 2018 and will continue to pay annual dividends in terms of
the Company's recently revised dividend policy. The market
capitalisation of the Company has grown from $38 million to $136
million over the last five years and can largely be attributed to
the Group delivering on its promises under Terry's leadership.
Furthermore, the Company is pleased to advise the appointment of
Mr Johannes Jacobus ("Jaco") Prinsloo as MD and CEO of the Company
with effect from 1 March 2020. In addition, Ms Lewanne Carminati
(née de Klerk) has been appointed as Finance Director ("FD") and
Chief Financial Officer ("CFO") with effect from 1 March 2020.
Jaco Prinsloo (B.Eng Metallurgy; PDBA; MBA) has served in senior
positions at Sylvania since 2012, and, most recently, as Managing
Director of the South African operations reporting to the CEO Terry
McConnachie. Jaco has been exposed to various operational and
technical aspects of the mining sector in South Africa, and has
experience in both the precious and base metals sectors. Prior to
joining Sylvania Jaco was principal metallurgist at Anglo American
for Anglo Operations Limited, having served at Anglo American
Platinum Limited from 2002 in various senior metallurgical
positions across the group.
Lewanne Carminati (B.Com Hons; CA (SA); Certificate in Mining
Tax) joined Sylvania in 2009 and in 2011 was appointed as Executive
Officer: Finance for the South African operations. She has gained
substantial and diverse experience in the various aspects of
financial management at a senior level, with a particular focus on
compliance, governance and financial reporting, including investor
relations. She has also taken a leadership role in corporate
finance transactions.
Sylvania's Chairman, Stuart Murray, said:
"Terry's contribution to Sylvania over the years has been
immense, whilst riding out one of the longest and most difficult
downturns in the PGM industry. With his hands-on and
entrepreneurial leadership style, Sylvania has grown into one of
the world's lowest-cost platinum group metal producers. On behalf
of the Board, I wish to thank Terry for this legacy.
Although Terry leaves the company in excellent shape and in good
hands, I am nevertheless pleased to advise that Sylvania will
continue to have access to Terry's counsel and expertise, as he
will assist in an advisory capacity for a minimum 12-month period.
This will provide continuity for Sylvania and contribute to the
bedding down of the new chrome/coal pelletizing JV project that was
highlighted in my Chairman's statement in the FY2019 annual
report."
In welcoming Jaco and Lewanne to their new positions, Terry
McConnachie said:
"After more than 46 years of working in the mining and
beneficiation of minerals industry, and 14 years with Sylvania, I
have decided to step down from the Board and as Chief Executive
effective 29 February 2020. I am pleased to announce that Jaco will
take on the role of MD and CEO, while Lewanne will be appointed as
FD and CFO.
I feel it is an opportune time to hand over the reins of a group
that is in a sound shape, strategically, financially and
operationally.
I am confident that upon my retirement, the Company will
continue to grow from strength to strength under the guidance of
the Board, Jaco and Lewanne. However, I will continue to provide
support to the new executive team for a period of up to one year to
ensure an orderly handover.
Jaco has served as MD of the South African operations for six
years and has excellent operational experience and credentials. His
depth of technical experience, combined with an excellent grasp of
high-level corporate finance and exposure to corporate marketing to
the UK investor base provides the continuity of leadership that
shareholders require, and have come to expect.
Lewanne's contribution as part of the Company's executive team
has been invaluable and her financial and managerial expertise has
helped in steering the Company's financial health to where it is
today. I am confident that the role of finance and corporate
governance remains in her highly competent hands."
Further Information
Mr Prinsloo (aged 44) holds or has held the following
directorships or partnerships in the past five years:
Current directorships or partnerships Previous directorships or partnerships
Pan Palladium South Africa (Pty) Ltd n/a
Sylvania South Africa (Pty) Ltd
Sylvania Metals (Pty) Ltd
Phoenix Platinum Mining (Pty) Ltd
PT Sands (Pty) Ltd
Sylvania Exploration (Pty) Ltd
Jaco holds 959,894 ordinary shares of $0.01 each in the Company,
representing 0.34% of the Company's total voting rights.
Jaco has confirmed that, other than the information disclosed
above, there is no further information in connection with his
appointment required to be disclosed under Schedule Two, paragraph
(g) of the AIM Rules for Companies.
Ms Carminati (aged 41) holds or has held the following
directorships or partnerships in the past five years:
Current directorships or partnerships Previous directorships or partnerships
Sylvania South Africa (Pty) Ltd n/a
Sylvania Metals (Pty) Ltd
Sylvania Properties (Pty) Ltd
Sylvania Resources (Pty) Ltd
Pan Palladium South Africa (Pty) Ltd
Hacra Mining & Exploration Company (Pty) Ltd
Zoetveld Properties (Pty) Ltd
Volspruit Mining Company (Pty) Ltd
Sylvania Exploration (Pty) Ltd
Phoenix Platinum Mining (Pty) Ltd
PT Sands (Pty) Ltd
Beeletsa Investments (Pty) Ltd
Passive Prop 111 (Pty) Ltd
Lewanne holds 862,081 ordinary shares of $0.01 each in the
Company, representing 0.31% of the Company's total voting
rights.
Lewanne has confirmed that, other than the information disclosed
above, there is no further information in connection with her
appointment required to be disclosed under Schedule Two, paragraph
(g) of the AIM Rules for Companies.
CORPORATE INFORMATION
Registered and postal Sylvania Platinum Limited
address:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal PO Box 976
address:
Florida Hills, 1716
South Africa
Sylvania Website : www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please
contact:
Terence McConnachie (Chief Executive
Officer) +44 777 533 7175
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Ed Phillips
Communications
Alma PR Limited +44 (0) 20 3405 0208
Josh Royston / Helena Bogle
This announcement is released by Sylvania Platinum Limited and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Terence McConnachie .
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
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