Re: Nochmal Nachtrag Durban April/April

verfasst von le chat, 05.03.2002, 08:29

Response to Media Report of CEO`s Deportation

Document date: Mon 04 Mar 2002 Released time: Tue 05 Mar 2002 12:12:55
Document No: 212052 Document part: A
Market Flag: N
Classification: Other
DURBAN ROODEPOORT DEEP, LIMITED 2002-03-04 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Contrary to a report in today's City Press newspaper (03-03-2002),
Durban Roodepoort Deep, Limited's Chairman and Chief Executive
Officer, Mark Wellesley-Wood, has not been served with deportation
orders and ordered out of South Africa.

Wellesley-Wood left the country voluntarily on Thursday for his home
in the UK, to visit his family and to attend to business.

DRD's attorneys, Bowman Gilfillan, were informed in a telephone call
from a senior official in the Department of Home Affairs on Friday
that Wellesley-Wood had been prohibited from re-entering South
Africa.

No reasons were given.

DRD's attorneys will seek urgent confirmation of - and the reasons
for - the prohibition from the Director-General of Home Affairs
tomorrow (04-03-2002).

Wellesley-Wood said from London today (03-03-2002):"I remain
optimistic that this situation can be resolved satisfactorily.
Litigation being instituted by DRD in South Africa against various
parties is imminent and it is very important that I am present in
the country for this."

Wellesley-Wood joined the DRD board in May 2000 as non-executive
chairman with a specific brief to improve corporate governance. By
August 2000 he had established a special committee, comprised of
executive and non-executive directors as well as legal and auditing
representatives, to investigate the performance of certain DRD
investments, including those in Australia. Deloitte and Touche was
appointed to investigate all corporate governance practices and
procedures, and make recommendations for improvements.

In November 2000, following the resignations of DRD's Chief Executive
Officer and Finance Director, Wellesley-Wood necessarily took over
as acting CEO, spearheading investigations into a range of
irregularities that had come to light. He was subsequently confirmed
as CEO in April 2001.

DRD's operating and financial performance has turned around since
Wellesley-Wood took over:

- From a loss of US$4 million in March 2001, the company has reported
profits for the last three quarters. In the December quarter net cash
operating profit was US$13 million.

- Cash operating costs have dropped from US$240 per ounce to US$185
per ounce during the same period.

- The share price, which hit a low of R4.50 in 2000, is now R32.

- Market capitalisation has risen from R550 million to R5 200
million.

On 23 January 2001, following Wellesley-Wood's appointment as CEO,
DRD wrote to the Department of Home Affairs to enquire about his work
permit/visa requirements. The company was advised in a letter dated
31 January 2001, signed by a senior official on behalf of the
Director General, that a work permit was not required and that
Wellesley-Wood's British passport exempted him from visa
requirements.

The letter went on to say:"On arrival in South Africa, Mr
Wellesley-Wood must clearly indicate to the immigration officer that
he will, on a regular basis, visit South Africa to attend meetings
and act as Chief Executive Officer,"

Wellesley-Wood therefore continued to commute regularly between his
home in the UK and DRD's South African head office, using only his
British passport.

In a letter dated 16 January this year, the Department of Home
affairs advised DRD that Wellesley-Wood now required a work permit
and his attorneys lodged his application with the South African High
Commission in London on 1 February. He was issued with a letter by
the High Commission, permitting him to enter South Africa for holiday
and business purposes while his application was being considered.

Queries: James Duncan 27 11 82 892 8052 (mobile)
Charmane Russell 27 11 82 372 5816 (mobile)



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gesamter Thread:

• Raus aus Südafrika! - Rumpelstilzchen, 04.03.2002, 17:42
  • Ruhig bleiben. - Standing Bear, 04.03.2002, 18:03
    • Aufregen ist besser - Rumpelstilzchen, 04.03.2002, 18:25
      • Re: Aufregen ist besser - Standing Bear, 04.03.2002, 18:34
        • Re: Aufregen ist besser - Rumpelstilzchen, 04.03.2002, 19:03
          • Re: Aufregen ist besser - Standing Bear, 04.03.2002, 19:21
            • Re: Aufregen ist besser - le chat, 04.03.2002, 20:11
              • Nachtrag Durban - le chat, 04.03.2002, 22:34
                • Re: Nachtrag Durban - Standing Bear, 04.03.2002, 22:49
                  • Re: Nachtrag Durban - alle Dividenden schon ausgezahlt, kommt auf die Bank an! - Fischli, 05.03.2002, 00:59
                  • Re: Nochmal Nachtrag Durban April/April - le chat, 05.03.2002, 08:29
            • Re: Aufregen ist besser - Rumpelstilzchen, 04.03.2002, 20:18
          • Lies mal im Yahoo Board nach. - Standing Bear, 04.03.2002, 19:28
            • Re: Lies mal im Yahoo Board nach. - pecunia, 04.03.2002, 19:34
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