Morag graduated in 1986 with a BSc in Chemical Engineering and then worked for AECI as an engineer for three years. She studied for her post graduate MBA in 1990 and thereafter moved into the commercial field. She continued her employment with AECI and was appointed Sales Manager for the Gauteng region and then National Marketing Manager for a range of industrial chemicals.

Morag joined Rand Merchant Bank Corporate Finance in 1994. She worked primarily in the Resources arena where she provided advice on the application of the JSE Listings Requirements as well as in certain instances the LSE Listing Requirements and the requirements of NASDAQ as they apply to companies with ADR programs.

In 1998, she moved out of the live transaction arena and acted as the quality control manager for RMB Corporate Finance for all documentation prepared by the division, be it to clients or to the JSE or the Securities Regulation Panel.

In 2000, she resigned from RMB to work as a consultant to a number of corporate finance institutions. During this time she acted as the Sponsor Manager for RMB and advised the following listed companies on the applications of the new JSE Requirements as they specifically apply to sponsorship responsibilities: Remgro, Trans Hex, Mediclinic, Mr Price, RMB and FirstRand, Metro, Intervid, Richemont, Uniserv, Adcorp, Astrapak, Datatec, Comparex, ELB Group, Distell, Avis, Afgri, SA Chrome, Messina, Reunert, Rainbow Chicken and Sabvest.

During her period as a free lance consultant, Morag consulted to Peregrine Corporate Advisory Services. Towards the end of 2002 Morag began consulting to QuestCo and subsequently joined QuestCo on a permanent basis in March 2003.

Morag was responsible for establishing BDO QuestCo in 2004, a joint venture between QuestCo and BDO Spencer Steward for the provision of JSE-related advisory and sponsorship services. Through this joint venture, Morag has been involved in the provision of independent opinions on a number of transactions.

A selection of the transactions Morag has been involved with during her career are set out below:

MERGERS AND ACQUISITIONS

• The acquisition by the DRDGOLD group of the 50% interest in the Elsburg Gold Mining joint venture held by Mintails Limited (2008)
• The merger of Diamond Core and Samadi (2003-2006)
• The reverse listing of Metmar into Heritage which included the acquisition of Metmar assets and liabilities, a share re-purchase, an issue for cash, a share consolidation, the disposal of Heritage assets, a dividend in specie and a placing of R28 million (2006)
• The reverse listing of IFA Hotels into Moribo which included the acquisition of IFA assets and liabilities, a share re-purchase, a share consolidation and a dividend in specie (2005)
• The acquisition by Peregrine of Citadel (2002)
• The merger of Amplats, Rusplats, PPRust and Lebowa Platinum into Anglo American Platinum Corporation (1997)
• The acquisition by DRDGOLD of Blyvooruitzicht and Buffelsfontein (1997)
• The acquisition by Harmony of Cons Modder Gold and Grootvlei by way of schemes of arrangement (1997)
• The acquisition by Crown Consolidated Gold Recoveries of Knights and the subsequent listing of Crown (1997)
• The offer by Harmony to Lydex shareholders to acquire their Lydex shares (1996)
• The acquisition by Harmony of Unisel by way of a scheme of arrangement (1996)
• The first gold mine merger – Rand Leases and Durban Deep in the Randgold stable (1995)

DISPOSALS

• The disposal by the DRDGOLD group of the 12.3% interest held in G.M. Network Limited for US$2.9 million (2008)
• The disposal by DRDGOLD’s subsidiary Emperor of the 20% interest held in the Porgera gold mine to Barrick Gold Corporation (2007)
• The disposal by iProp of its assets and liabilities to management and the subsequent winding up of the company (2002/3)
• The disposal by Mustek of Torque Training (2002)
• The disposal by Billboard of all of its assets and the winding up of the company (2001)

CAPITAL RAISING

• The rights offer and private placement for South African Coal Mining Holdings of R107 million (2008)
• Capital raising for Diamond Core during the period of its restructuring, which included raising R10 million capital from RMB Asset Management (2004) as well as a private placement of R232 million (2006)
• Capital raising for Scientific Development & Integration, a privately held research and technology company (2003)
• The capital raising associated with the listing of Energy Africa (1996)
• The DRDGOLD rights offer (1995)

STRUCTURING

• The restructuring and re-listing on the JSE of Diamond Core Resources (2003-2006)
• The unwinding of Peregrine's interest in McCarthy Bank Holdings and a specific repurchase of shares (2001)
• The equity restructuring of DRDGOLD (1997)
• The rationalisation of the Buffelsfontein corporate structure (1996)

BLACK ECONOMIC EMPOWERMENT TRANSACTIONS

• Advising the Bakwena Ba Mogopa on the acquisition of a 26% interest in Xstrata’s vanadium interests
• Identifying and securing the involvement of a BEE partner in the Diamond Core and Samadi assets (2005-2006)
• Strategic advice to Lesedi Drilling & Mining, a BEE owned and managed mining services company

LISTINGS

• The secondary listing of Anooraq on the JSE (2006)
• The reverse listing of Metmar into Heritage (2006)
• The reverse listing of IFA into Moribo (2005)
• The restructuring and re-listing on the JSE of Diamond Core Resources, which included the raising of R10 million capital from RMB Asset
• Management as well as a private placement of R230 million (2006)
• The listing of and associated capital raising for Energy Africa (1996)

EXPERT OPINIONS ON THE FOLLOWING TRANSACTIONS

• The listing of the uranium assets of Simmer & Jack on the TSX as First Uranium Corporation (2006)
• The merger of PSG and Arch Equity involving an offer to Arch Equity shareholders to acquire all their shares by way of a scheme of arrangement, which resulted in a recapitalisation of PSG through the issue of shares to scheme participants, a share swap with Jasmyn Corporate Holdings, and a repurchase of shares from Arch Equity to eliminate cross-holdings (2006)
• The specific issue of shares for cash by PSG to Kumani Holdings (2006)
• The acquisition by Purple Capital of an interest in Bridge Capital (2005)
• The management buyout and delisting of Jigsaw (2004)
• The disposal by the ELB Group of ELB McWade to management (2004)
• The merger of the gold interests of Gold Fields of South Africa into Gencor (1997)

SPONSORSHIP SERVICES

• Permanent sponsor to DRDGOLD, SACMH and Anooraq