RNS Number : 5577X
Bateman Engineering N.V.
26 June 2008
Bateman Engineering N.V.
("Bateman Engineering" or the "Company")
Management Change and Trading Update
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
ENQUIRIES:
Bateman Engineering
Eddie Du Rand, CEO designate +31 20 502 2370
Pieter du Plessis, CFO +41 55 451 9010
Dresdner Kleinwort
Chris Treneman +44 20 7623 8000
Alex Metherell +44 20 7623 8000
Andrew Hollins +44 20 7623 8000
College Hill
Nicholas Potter (Analysts) +44 20 7457 2037
Adam Aljewicz (Media) +44 20 7457 2025
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;
* Gr*nwald 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
END
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