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ZYL Ltd Announces Cost Reductions


Tuesday, 2 Jul 2013 06:31pm EDT 

ZYL Ltd announced that following the revised settlement agreement announced on 24 June 2013 it has embarked upon a process of evaluating the administrative structure required in South Africa. Such evaluation has been undertaken in consideration of the current state of the commodity and capital markets as well as the work required in securing the necessary permitting to allow the Company to develop the Kangwane Projects; permitting being the next step in moving the Kangwane Projects to development. As a consequence of the said review, ZYL has concluded that it needs to significantly reduce its corporate overheads in South Africa. ZYL has accordingly concluded a formal process and the majority of its employees in South Africa have been retrenched. In line with this restructuring Phillipe Lalieu, Commercial Director of ZYL has tendered his resignation and will step down as an Executive Director of the Board of ZYL Limited by agreement with immediate effect. Phillipe will however remain on the Board of ZYL as a Non-Executive Director to ensure continuity in South Africa. 

Company Quote

0.0070
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27 Sep 2013