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Quarterly Suspension Update
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
("Chrometco" or "the Company")
QUARTERLY SUSPENSION UPDATE
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to
provide an update to shareholders regarding the current state of affairs of the Company until
the suspension is lifted.
Shareholders are referred to the ongoing suspension in trading of the Company's shares on
the JSE which came into effect on 18 July 2022. Trading in the Company's shares remain
suspended due to the late publication of the provisional annual financial statements for the
year ended 28 February 2022 ("Provisional Report") and the subsequent interim results for
the six months ended 31 August 2022 ("Interim Report").
In respect of the late publication of the Company's Provisional Report, the Company has been
struggling in its appointment of new auditors due to three subsidiaries within the group, Black
Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited
and Sail Minerals Proprietary Limited, being in Business Rescue. Auditors were appointed on
the 11 October 2023; however, the finalisation and publication of the Provisional Reports and
the subsequent Interim Reports will remain outstanding until the finalization of the audit
procedures as prescribed by IRBA. The Moore Johannesburg audit team have made
significant progress on their audit verification procedures for the 2022, 2023 and 2024 financial
years, with only a few technical queries remaining.
On 3 April 2024, the business rescue practitioner ("BRP") of Black Chrome Mine Proprietary
Limited published a revised and amended business rescue plan (the ("Plan") for the Black
Chrome Mine. On the same day, the BRP issued a notice reconvening the adjourned meeting
of creditors in terms of section 151 of the Companies Act of 2008, as amended (the
"Companies Act") for creditors to consider and vote on the Plan (the "s151 Meeting"). The
s151 Meeting occurred virtually via Microsoft Teams on 11 April 2024 for the purpose of
creditors to assess and consider the Plan.
The BRP is actively executing the approved business rescue strategy as authorized by
creditors to navigate Black Chrome Mine out of Business Rescue.
The Company will apply for the lifting of the suspension of trade in its securities once the
Provisional Report and Interim Report has been published and announced on SENS.
The Company will provide a further update in this regard in due course.
Johannesburg
28 June 2024
Designated Advisor
PSG Capital
Date: 28-06-2024 07:30:00
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