Bateman Engineering N.V. ("Bateman
Engineering or the “Company")
26 June 2008 (London)
Management Change
The Board of Bateman Engineering today announces that the Company's Chief Executive Officer ("CEO"), Dr. Sivi Gounden, has given formal notice of his intention to resign from the Company in order to pursue other interests. He will continue as CEO until 25 July 2008 in order to facilitate an orderly transition of his responsibilities. The Board has accepted Dr. Gounden's resignation as CEO.
The Board of Bateman Engineering is pleased to announce the appointment of Mr Jonathan Edward (Eddie) Du Rand (46) as CEO designate. He will formally take up his position on 25 July 2008 subject to acceptance by shareholders at an Extraordinary General Meeting to be held on that date.
Mr. Du Rand, who is currently the Company's Deputy Chief Executive Officer and a member of the executive committee of the Bateman Engineering group ("Group"), brings to the position significant international operational experience and knowledge of the sector.
Mr. Du Rand joined the Group in September 2007 as the Managing Director of its Minerals & Metals Business Unit, the largest division of the global Group. He was promoted to Deputy Chief Executive Officer in March 2008.
Mr. Du Rand has extensive management experience at senior executive and board level in the engineering and construction industries, as well as operational experience in the engineering and construction of capital facilities across the minerals and metals, oil and gas and energy sectors. In the course of his career, he has established substantial business relationships with blue chip clients across these sectors.
Prior to joining the Group, Mr Du Rand was Managing Director of Grinaker - LTA Construction, (a construction sector company with operations throughout Africa and the Middle-East), with a turnover in excess of US$1 billion and more than 15,000 employees.
Mr. Du Rand qualified in mechanical engineering and attended an executive education programme at Harvard Business School.
Trading Update
The Board is pleased to confirm that it expects that its results for the full financial year ended 30 June 2008 will be in accordance with management's expectations. The Board believes that the Group remains well positioned to take advantage of the current positive market environment for its services and is confident in the growth prospects for the Group as it approaches a new financial year. The Group anticipates announcement of its preliminary results for the year to 30 June during September 2008.
Chairman of the Bateman Engineering Board, Rick Menell, commented:
"The Company is pleased to welcome Eddie as the CEO designate. Eddie's in depth understanding of the critical imperatives for successful project execution, as well as his demonstrated strategic and leadership acumen will add impetus to the Company's sustainable growth initiatives. We are confident that Eddie and his team will continue to maintain and build on the strong performance of the Company over recent years.
On behalf of the Board of Directors, I would like to thank Sivi for the contribution he has made to the Company since joining as CEO in 2003. This period has seen strong growth in the Company's position as a global market leader in its industry and in the diversification of its operations, as well as its successful transition into a publicly listed company. We wish him every success in his new ventures."
In accordance with Dutch law the appointment of Mr. Du Rand as a statutory director is subject to the approval of the Company in a general meeting. The Board intends to hold an extraordinary general meeting for this purpose in Amsterdam on 25 July 2008. Subject to his appointment by shareholders, Mr. Du Rand will join the Board of Bateman Engineering. A circular to shareholders and notice of extraordinary general meeting will be circulated to shortly.
Disclosures required under Rule 17 of the AIM Rules are set out in the schedule to this announcement.
26 June 2008
Bateman Engineering is a technology-driven engineering-project house serving the minerals and metals industries worldwide. Bateman Engineering's shares (BATE.L) are traded on AIM, a market of the London Stock Exchange.
Dresdner Kleinwort Limited, which is authorised and regulated by the Financial Services Authority, is acting for Bateman Engineering N.V. and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than Bateman Engineering N.V. for providing the protections afforded to clients of Dresdner Kleinwort Limited, or for affording advice in relation to the contents of this announcement or any matters referred to herein.
SCHEDULE
DISCLOSURE'S REQUIRED PURSUANT TO AIM RULE 17
Name: Jonathan Edward (Eddie) Du Rand (46)
Current directorships:
- Bateman Projects Limited.
Former directorships held in the last 5 years*:
- Grinaker-LTA Limited;
- Grinikar - LTA Construction (Nigeria) Limited;
- Grűnwald Construction (Pty) Limited;
- RPP Developments (Pty) Limited.
Save for the above there are no further disclosures under Schedule 2(g) of the AIM Rules.
This information is provided by RNS. The company news service from the London Stock Exchange
