CEO Stephane Richer Steps Down as a Director of Cascal N.V.By Cascal N.v., PRNE
Sunday, June 6, 2010
To remain CEO through July 31, 2010 and serve as an advisor thereafter
LONDON, June 7, 2010 - Cascal N.V. (NYSE: HOO) (the Company) today announced that Stephane
Richer is stepping down as a director of the Company but will continue in his
role as CEO until July 31, 2010. Thereafter, through March 31, 2011, Mr.
Richer will serve, as needed, as an advisor to the Company.
Mr. Richer, departing Cascal to return to France and pursue personal
interests, stated, "My departure from Cascal after eight years is a personal
decision. As the Company pursues its defense against the bid launched by
Sembcorp, I will continue to work with our Board, our management and our
advisors to serve the interests of our shareholders. Moreover, I stand ready
to provide advice and support to the Company as it seeks to execute on its
strategic and operating plans."
"The Board would like to express its gratitude and appreciation to
Stephane for his leadership and commitment to the success of Cascal. The
Company and its advisors will be working with him as Cascal defends the
interests of our shareholders against the inadequate and coercive bid by
Sembcorp. We also look forward to Stephane's leadership and support during
this transition period and wish him all the best in his future endeavors,"
stated Michael Wager, spokesperson for Cascal.
The Board expects to name a successor prior to Mr. Richer's July 31st
About Cascal N.V.
Cascal provides water and wastewater services to its customers in eight
countries: the United Kingdom, South Africa, Indonesia, China, Chile, Panama,
Antigua and The Philippines. Cascal's customers are predominantly homes and
businesses representing a total population of approximately 4.7 million.
SECURITY HOLDERS SHOULD READ CASCAL N.V.'S SOLICITATION/RECOMMENDATION
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. INVESTORS MAY OBTAIN THE
RECOMMENDATION AND OTHER FILED DOCUMENTS FREE OF CHARGE AT THE COMMISSION'S
WEB SITE (www.sec.gov) AS WELL AS DIRECTLY FROM CASCAL N.V. BY
CONTACTING JEFFREY GOLDBERGER, KCSA STRATEGIC COMMUNICATIONS, 880 THIRD
AVENUE, NEW YORK, NEW YORK 10022, +1-212-896-1249, JGOLDBERGER@KCSA.COM.
Learn more at www.cascal.co.uk
This release contains forward-looking statements that are not guarantees
of future performance. There are important factors, many of which are outside
of our control, that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements including:
general economic business conditions, unfavorable weather conditions, housing
and population growth trends, changes in energy prices and taxes,
fluctuations with currency exchange rates, changes in regulations or
regulatory treatment, changes in environmental compliance and water quality
requirements, availability and the cost of capital, the success of growth
initiatives, acquisitions and our ability to successfully integrate acquired
companies and other factors discussed in our filings with the Securities and
Exchange Commission, including under Risk Factors in our Form 20-F for the
fiscal year ended March 31, 2009, filed with the SEC on July 1,2009. We do
not undertake and have no obligation to publicly update or revise any
Investor Contacts: Media Contact: KCSA Strategic Communications KCSA Strategic Communications Jeffrey Goldberger / Marybeth Csaby Lewis Goldberg +1-212-896-1249 / +1-212-896-1236 +1-212-896-1216 email@example.com /firstname.lastname@example.org email@example.com
Investor, Jeffrey Goldberger, +1-212-896-1249, jgoldberger at kcsa.com, or Marybeth Csaby, +1-212-896-1236, mcsaby at kcsa.com, both of KCSA Strategic Communications; or Media, Lewis Goldberg of KCSA Strategic Communications, +1-212-896-1216, lgoldberg at kcsa.com
Tags: Cascal N.V., June 7, London, United Kingdom