Looks like Greek to me. I am having a hard time on this one:
Shareholders give full backing to empowerment deal at special meeting.
Shareholders of Aflease Gold and Uranium Resources, at a General
Meeting in Johannesburg today, backed resolutions to implement an historic
empowerment deal, with votes of 99.9% in favour, just one abstention, and
no votes against the resolutions.
Through their votes, they gave legal force to the disposal of an
undivided 26% share of the company's Klerksdorp assets - the Dominion Reefs
uranium project and the Bonanza South gold mine - to the Micawber
empowerment consortium.
Micawber is comprised of an Aflease workers" trust and a Klerksdorp
community trust, each holding 30% of the BEE consortium, plus Africa
Vanguard Resources
with a 20% interest, and four additional groupings each holding 5% -
Indalo Resources, Emseni Investments, Umlilo Mining and Finance and
Magumo Investments.
The empowerment deal is structured in such a way that the empowerment
partners will be loaned the assets, paying for them from future dividend
streams.
The deal also seeks to achieve broad-based empowerment through
significant involvement of workers and the local community.
Said Aflease CEO Neal Froneman:
"We pride ourselves on delivering what we have said we will do, and I
am proud and pleased that our shareholders have voiced their support for
the Micawber transaction. This demonstrates not only our commitment to
the future of South Africa, but our determination to get the
empowerment model right.
"Learning from previous empowerment programs, this current structure
has been carefully thought out for the long-term so that there is
sustainable empowerment
with no losers. The empowerment partners are winners, as are Aflease
shareholders, and as is South Africa.
"It has been a lot of work, and more work is needed to develop similar
empowerment structures for our other South African operations.
"However, today we celebrate our new empowerment status, happy to
demonstrate that this process can be got right, and that empowerment is
something that can work - something to welcome, not to fear."
Micawber's and Africa Vanguard Resources' Chairman Sandile Zungu also
welcomed the outcome of the Aflease shareholders' meeting:
"Aflease shareholders have voted in favour of a non-racial,
economically-just South Africa, where those who have suffered in the past can be
given a stake in
the future," he said.
"This empowerment deal has been carefully structured so that it is
lasting, and I am confident that we are seeing genuine empowerment of a
kind which has not
always been evident in South Africa in our short history as a true
democracy.
"I am sure I speak for all the players in Micawber when I say we expect
a long and rewarding relationship with Aflease - a company with massive
potential, which I expect to bring benefits for all of its
stakeholders, going forward."
Neal Froneman concluded:
"We are all determined to ensure that this is genuine empowerment, and
that the new partners become closely involved in the future of Aflease,
as the company
heads for exciting new growth opportunities, linking up with Southern
Cross Resources of Canada and local gold company Sub Nigel.
"This empowerment deal is evidence, not that it is needed, that Aflease
is a proudly South Africa company, anchored in South Africa, and
committed to the ideals and values of our rainbow democracy.
"It will serve as a model to other companies." |
