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Quarterly Progress Report - November 2024
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company")
QUARTERLY PROGRESS REPORT – NOVEMBER 2024
Shareholders are referred to the ongoing suspension in trading of the Company's shares on the JSE Limited
("JSE"), which came into effect on 21 August 2023 ("the Suspension") for failing to publish its audited financial
results for the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the suspension is expected to be lifted.
Delays in the publication of financial results
Shareholders are referred to the quarterly progress report released on SENS on 2 September 2024 ('Quarterly
Progress Report – September 2024') wherein they were advised that the Company had yet to publish its interim
results for the six months ended 30 September 2023 ("FY2024 interim financial results") and its audited
financial results for the year ended 31 March 2024 ("FY2024 financial results") which, in terms of the JSE
Listings Requirements were required to be published by no later than 31 December 2023 and 30 June 2024,
respectively.
Subsequently, on 29 October 2024 the Company published its FY2024 interim financial results on SENS
('Unaudited Condensed Consolidated Interim Financial Results for the six months ended 30 September 2023').
As set out in the Quarterly Progress Report – September 2024, shareholders were also advised that the
FY2024 financial results would be published as soon as possible after publication of the FY2024 interim
financial results.
Pursuant to detailed discussions with the Company's external auditors, the Company intends to publish its
FY2024 results on or about 31 March 2025 and its interim results for the six months ended 30 September 2024
("FY2025 interim financial results") shortly thereafter.
Keaton Mining
Keaton Mining Proprietary Limited ("Keaton Mining") is a wholly-owned subsidiary of the Company's wholly-
owned subsidiary, Keaton Energy Holdings Limited ("Keaton Energy Holdings").
As set out in the Quarterly Progress Report – September 2024, with regard to Keaton Mining, the creditors'
compromise proposal in terms of section 155 of the Companies Act (Act 71 of 2008), as amended
("Companies Act") ("section 155 creditors' compromise proposal"), which had been adopted by creditors
on 22 August 2024, was anticipated to be sanctioned by the court on 11 October 2024.
Shareholders were subsequently informed in the SENS announcements released on 8 October 2024 and
19 November 2024 that, inter alia, the section 155 creditors' compromise proposal was sanctioned by the court
on 25 September 2024 and that at the liquidation hearing on 11 October 2024 the provisional liquidation order
against Keaton Mining was formally discharged. As a result, the leave to appeal application against an earlier
dismissal of a business rescue application in respect of Keaton was subsequently withdrawn.
Due to the fact however, that final agreements were yet to be entered into with suppliers in terms of the section
155 creditors' compromise proposal once certain aspects of production at the Vanggatfontein Colliery have
been finalised, shareholders were advised to continue to exercise caution when dealing in the Company's
securities until further announcements are made as the section 155 creditors' compromise proposal may still
have a material effect on the price of Salungano Group's securities.
Date on which Suspension is expected to be lifted
Noting that the Company intends to release the FY2024 financial results on or about 31 March 2025 and the
FY2025 interim financial results shortly thereafter, it is currently the Board's best estimate that the Suspension
will be lifted on or about mid-April 2025.
Johannesburg
29 November 2024
Sponsor
Merchantec Capital
Date: 29-11-2024 08:30:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
