Guys:

See below resignation letter of Ivan van Niekerk - this is a huge loss for 
our group, as Ivan was uniquely qualified to originate the South African 
opportunities that we are pursuing.  I spoke with him for about an hour today 
asking him to reconsider as I believe that we are capable of addressing all 
of his complaints.  Unfortunately, Ivan indicates that he has already made up 
his mind and that he does not want to go back on his word to his prospective 
employer.  He will give it some thought overnight and I will speak with him 
again tomorrow (Fri).  This is an example of the toll that excessive 
administrative burdens are starting to take on commercial employees - 
particularly acute in remote offices.

Stu

 -----Original Message-----
From:  Van Niekerk, Ivan  
Sent: 30 May 2001 15:04
To: Farmer, Michael; Hutchinson, Michael; Staley, Stuart
Subject: Ivan - resignation

Michael / Stuart / Michael

Please see attachments. I will try to call all of you later today or tomorrow 
morning to discuss.

This has been a very difficult decision. Only time will tell if it was the 
right one.

Regards

Ivan