87FZ Aeci 5 1/2% Prf

 
TIDM87FZ 
 
AECI LIMITED 
Incorporated in the Republic of South Africa 
(Registration number: 1924/002590/06) 
Share code: AFE ISIN: ZAE000000220 
Hybrid code: AFEP ISIN: ZAE000000238 
Bond company code: AECI 
LEI: 3789008641F1D3D90E85 
(AECI or the Company or the Group) 
 
CHANGE TO THE BOARD - RESIGNATION OF EXECUTIVE DIRECTOR 
 
In compliance with paragraphs 3.59 of the JSE Limited (JSE) Listings 
Requirements and 6.39 of the JSE Debt Listings Requirements, the AECI Board of 
Directors of ("the Board") advises its shareholders and noteholders that Mr Mark 
Kathan will be stepping down as Executive Director of AECI Limited and Managing 
Director of AECI Mining by mutual agreement with effect from 31 October 2023. 
 
To ensure a smooth and quick transition of executive authority, Group CEO Holger 
Riemensperger, will act in the role until a successor is appointed. Mr Kathan 
will consult to the business through to the end of the 2023 financial year to 
ensure continuity. The process to identify a new Managing Director for AECI 
Mining with global experience suitable for the future strategy and structure of 
the business will commence immediately. 
 
Mark has been with the Group for 15 years and was previously the Group Chief 
Financial Officer for 13 years. 
 
Group Chairman, Khotso Mokhele said, "Mark joined AECI in 2008 and has been a 
member of the Group Executive Committee and the Board throughout his tenure. He 
has played a pivotal role in several critical initiatives, including delivering 
South Africa's largest urban freehold land sale and de-risking the company's 
balance sheet. 
 
"During his tenure leading AECI Mining, it has gained market share in Australia, 
Southern Africa and the rest of the African continent, enabling strong momentum 
in profitability improvements. In addition, the foundation has been laid for 
further international expansion, most notably in Latin America." 
 
Mark Kathan said, "I feel honoured and privileged to have been inspired by, and 
to have worked with, so many committed people and strong teams at AECI for more 
than 15 years, and in building AECI into a successful company. I will continue 
to follow AECI with much interest and wish Holger and the Board all the success 
in the future". 
 
The Board would like to express its appreciation to Mark for his service and 
commitment to the Group and wishes him well in the future. 
 
Woodmead, Sandton 
 
31 October 2023 
 
Equity and Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank 
Limited) 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

October 31, 2023 09:55 ET (13:55 GMT)

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