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Renewal of Cautionary Announcements
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")
RENEWAL OF CAUTIONARY ANNOUNCEMENTS
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 20 May 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 ("Wescoal Mining Cautionary"); and
- the further cautionary announcement released on SENS on 27 February 2024 regarding the application to
place Keaton Mining Proprietary Limited ("Keaton Mining"), a wholly-owned subsidiary of the Company's
wholly-owned subsidiary, Keaton Energy Holdings Limited ("Keaton Energy Holdings") under supervision
and to commence business rescue proceedings ("Business Rescue Application") ("Keaton Mining
Cautionary"), and the subsequent renewals thereof, the last of which was dated 20 May 2024.
Shareholders are hereby advised that with respect to:
- Wescoal Mining:
o the proposed business rescue plan was published on 29 June 2024 and a meeting to consider the
proposed business rescue plan has been scheduled for 12 July 2024;
o the operations of Elandspruit and Khanyisa will in the interim predominantly remain in a state of care
and maintenance, with limited activity based on the discretion of the Business Rescue Practitioners
("BRPs") until the adoption of the proposed business rescue plan or until an alternative course of action
is determined by the BRPs; and
- Keaton Mining:
o a hearing date for the application for leave to appeal against the judgment in terms of which the
Business Rescue Application had been dismissed, is still being awaited;
o indications are that the liquidation hearing relating to the provisional liquidation order obtained by one
of Keaton Mining's creditors, scheduled for 3 July 2024, will be postponed on the day of the hearing;
and
o it is foreseen that a creditors' compromise in terms of section 155 of the Companies Act, 71 of 2008,
as amended ("section 155 compromise") will be presented for sanctioning by the court on or before
the date to which the liquidation will be postponed, which date is currently unknown. It is anticipated
that this will serve to uplift the provisional liquidation status of Keaton Mining. Currently, operations at
the Vanggatfontein mine are continuing by agreement with the provisional liquidators. Shareholders
will be further informed on this matter in subsequent SENS announcements.
As the outcome of the business rescue processes relating to Wescoal Mining, the appeal relating to the
dismissal of the Business Rescue Application relating to Keaton Mining, as well as the provisional liquidation
process and foreseen section 155 compromise may have a material effect on the price of Salungano Group's
securities, shareholders are advised to continue to exercise caution when dealing in the Company's securities
until further announcements are made.
Johannesburg
3 July 2024
Sponsor
Merchantec Capital
Date: 03-07-2024 04:00:00
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