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December 11, 2009
"New" Simmers board looks doomed
JOHANNESBURG - Vulisango CEO Valence Watson has effectively rejected a new board proposed by Simmer & Jack, the stricken brownfields gold digger, in which Xelexwa, a division of Vulisango, holds the largest stake, at 22%. On Friday, Simmers announced, along with a new proposed board, that its CEO and chairman, Gordon Miller and Nigel Brunette, would be stepping down.
After four years of battles, Vulisango itself last month proposed a new, but independent, board. Simmers relaunched itself in 2005 and tied up with Xelexwa (then Jaganda), a black economic empowerment (BEE) group which transacted a 50.9% stake in Simmers. With the exception of Gerhard Jacobs, the incumbent Simmers CFO, nobody on the two new proposed boards overlaps.
Posted by StaffWriter at December 11, 2009 7:50 AM
