SALUNGANO GROUP LIMITED - Approval of Business Rescue Plan of wholly-owned Subsidiary

Approval of Business Rescue Plan of wholly-owned Subsidiary

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")


APPROVAL OF BUSINESS RESCUE PLAN OF WHOLLY-OWNED SUBSIDIARY


Shareholders are referred to the cautionary announcement released on SENS on 25 August 2023 and the
subsequent renewals thereof, the last of which was dated 3 July 2024, regarding the voluntary business rescue
of Wescoal Mining Proprietary Limited ("Wescoal Mining") (comprising the Elandspruit and Khanyisa
operations), a wholly-owned subsidiary of the Company.

As set out in the announcement released on SENS on 3 July 2024, shareholders were advised, inter alia, that
the proposed business rescue plan ("BR Plan") had been published on 29 June 2024 and a meeting of creditors
to consider the proposed BR Plan had been scheduled for 12 July 2024 ("Creditors Meeting").

At the Creditors Meeting, under the chairmanship of the Business Rescue Practitioners, Messrs Dawie van der
Merwe, Grant Chittenden and Lance Schapiro ("the BRPs"), the proposed BR Plan was presented to creditors
for consideration in terms of section 152 of the Companies Act, No 71 of 2008 ("Companies Act"), as
amended.

The vote for the BR Plan was, in accordance with sections 152(2)(a) and 152(2)(b) of the Companies Act,
supported by the requisite majority of creditors present and voting, and was subsequently adopted by an 85%
majority of creditors present and voting.

The BRPs will continue to attend to the implementation of the BR Plan, as adopted. The implementation of the
BR Plan will see Wescoal Mining continuing its operations for the benefit of all affected parties.

Shareholders are reminded to continue exercising caution when dealing in the Company's securities until
further announcements are made.

Johannesburg
16 July 2024

Sponsor
Merchantec Capital

Date: 16-07-2024 04:06:00
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