1 March, 2010: JSE- and AIM-listed mining and processing company Petmin Limited announced today that Ian Cockerill will be appointed Executive Chairman of the company with effect from 1 July 2010, and has assumed the role of Executive Chair Designate from 1 March, 2010.
Ian’s appointment coincides with the group’s interim results announcement for the period ended 31 December 2009 that inter alia outlines the Group’s objective to develop Petmin into a world-class diversified mining company. He will succeed current Petmin chairman Piet Nel.
Commenting on this appointment, Ian Cockerill said: “I have taken some time in deliberating over a number of opportunities that have been presented to me, and have made my decision based on my experience of working with the Petmin team as a non-executive director over the past two and a half years. I am attracted by the professionalism, value focus and team ethos exhibited by management, evident in the manner in which they conduct their business and have grown Petmin from a cash shell with a market cap of just R25 million in 2004 to a profitable, cash generative, operating mining company, with approximately 700 employees and a market cap of more than R1.4 billion.”
“Petmin is a company that is ideally equipped for growth. It is empowered at all levels, it is high cash generative and it has great prospects for both organic and acquisitive growth.”
Piet Nel, Petmin’s current Chairman (for the past 20 years) commenting on this move said: “It has been an honour to have served as Chairman of Petmin. Ian’s appointment will be a tremendous advantage to the future growth of the Group.”
Petmin’s Deputy Executive Chairman Lebo Mogotsi paid tribute to Piet for his leadership during Petmin’s formative years and thanked him for his invaluable contribution to the Group. Lebo welcomed Ian’s appointment at this exciting phase of Petmin’s development.
Jan du Preez, Petmin’s CEO said that ‘Petmin is an excellent base from which a serious mining company can be created and Ian will be instrumental in assisting the company in achieving its ambitions. Under Ian’s guidance we expect to significantly enhance stakeholder value during the next exciting phase of Petmin’s growth and development as an organisation.”
Bradley Doig, Petmin’s Chief Operating Officer, commented on the value that Ian would bring to the company, “Ian is a globally respected mining leader who has a deep understanding of the business of mining, has access to international capital markets and growth opportunities and his sound knowledge of the company and its growth strategy places Petmin in great shape for the future”.
In appointing Ian as Executive Chairman, Petmin considered Ian’s impeccable track record in the mining sector during the past 35 years and his excellent strategic leadership abilities, international experience and understanding of the requirements of the international institutional investor community. To address corporate governance considerations that come with the appointment of an Executive Chairman and, in line with King III recommendations, Petmin will appoint a lead independent non-executive director. Further announcements on this will be made in due course.
© 2009 Petmin Limited