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Voluntary Update: Inaccurate Media Coverage
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")
VOLUNTARY UPDATE: INACCURATE MEDIA COVERAGE
In response to the online article written by Tawande Karambo entitled "Application for liquidation filed against
'insolvent' Salungano" and published on IOL's website on 24 October 2023 (https://www.iol.co.za/business-
report/companies/application-for-liquidation-filed-against-insolvent-salungano-06ff9e3e-9cfd-4506-8577-
f5a27c279554), shareholders are advised that the article contains a number of factual inaccuracies and that
furthermore, the Company was not approached for comment prior to its publication.
Shareholders should note that references to "Wescoal" in the article should be read as references to Wescoal
Mining Proprietary Limited (in business rescue) ("Wescoal Mining"), a wholly-owned subsidiary of Salungano
Group. Shareholders are referred to the announcements released on SENS on 21 August 2023, 25 August
2023, 5 September 2023 and 9 October 2023 wherein they were informed, inter alia, that, based on a board
resolution in terms of Section 129(1) of the Companies Act, Wescoal Mining had commenced a voluntary
business rescue process. Currently the business rescue practitioners are in the process of developing a
business rescue plan for adoption by the creditors of Wescoal Mining.
The reference in the article to the court case won by 'the company' (which, for purposes of clarification means
Wescoal Mining) "for the operationalisation of the liquidation of 'Arnot OpCo'" (which, for purposes of
clarification means Arnot OpCo Proprietary Limited (in business rescue) ("Arnot OpCo")) is inaccurate as the
court case related to the voting of creditors of Arnot OpCo on, inter alia, the business rescue plan of Arnot
OpCo and not to "the liquidation of Arnot OpCo", and is therefore also irrelevant.
The NG Global Energy Solutions ("NG Global") liquidation application of the Company had been the result of
non-delivery of coal due to miscommunication between NG Global and Salungano Group resulting from a
clerical error. It is strongly denied that the Company has "failed to pay", as the Company had reached out to
NG Global to address the request for payment immediately on becoming aware of the liquidation application,
and the application had been opposed. The parties are currently in discussions to resolve the matter amicably,
and shareholders shall be advised of the outcome of these discussions in due course.
The board of directors of Salungano Group ("Board") strongly denies and refutes the allegations contained in
the article as at no stage has Salungano Group been unable to pay off its debts, as alleged in the article.
The Board finds it regrettable and incomprehensible that an article of no substance had been published without
the courtesy of eliciting the Company's comment which would have prevented its publication in its current form
based on the inaccuracies contained therein.
Johannesburg
24 October 2023
Sponsor
Merchantec Capital
Date: 24-10-2023 05:35:00
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