Cell C announces changes to board

Cell C has announced that David Shimkins of Net1 has been appointed to its board.

Shimkins will replace Paul Edwards as one of Net1’s Cell C board representatives with immediate effect.

Net1 is a Cell C shareholder and is entitled to appoint two directors to the mobile operator’s board. The second representative on the Cell C board from Net1 is Alex Smith.

Shimkins is the founder of Nitinol Capital, which invests in and facilitates alternative debt and equity transactions.

Before this, he was a partner at Calculus Capital and Capital Investment Advisory and has also held positions at Grindrod Bank and Brait Merchant Bank.

He is a qualified chartered accountant and holds a Bachelor in Accounting Science with Honours from UNISA as well as a Higher Diploma in Tax Law.

“Shimkins has extensive experience in transaction restructuring, which will be a valuable contribution to Cell C as we work towards finalising the process of recapitalisation,” said Cell C Board Chairman Joe Mthimunye.

The Cell C board said it welcomes Shimkins and looks forward to his contribution towards the reshaping of its future.

Cell C recapitalisation is going well

Cell C’s recapitalisation is progressing well and Blue Label Telecoms joint CEO Brett Levy believes the process will be finalised by the end of the year.

Levy was speaking during the company’s financial results presentation for the year ended 31 May 2020.

“What we are planning for internally is we want to get the recapitalisation over the line, which we are expecting to complete this year,” Levy said.

“All the stakeholders over the last two months have been really cooperative and have been playing ball to get this over the line and finalise Cell C’s recapitalisation.”

“We really believe we are going to recapitalise this business this year,” he said.