SALUNGANO GROUP LIMITED - Renewal of Keaton Mining Cautionary and Creditors' Approval of Compromise Proposal

Renewal of Keaton Mining Cautionary and Creditors' Approval of Compromise Proposal

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 KEATON MINING CAUTIONARY AND CREDITORS' APPROVAL OF
COMPROMISE PROPOSAL


Shareholders are referred to 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 26 August 2024.

Shareholders are hereby advised that:

-   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 yet to be confirmed;

-   at the liquidation hearing held on 22 August 2024, relating to the provisional liquidation order obtained by
    one of Keaton Mining's creditors, the matter was postponed to 11 October 2024;

-   on 22 August 2024, a creditors' compromise proposal in terms of section 155 ("section 155 compromise
    proposal") of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies Act") was adopted
    by Keaton Mining's creditors; and

-   on 25 September 2024, the section 155 compromise proposal was sanctioned by the court as provided for
    in section 155(7) of the Companies Act and as a result, it is anticipated that the provisional liquidation order
    will be formally discharged at the liquidation hearing on 11 October 2024.

As the appeal relating to the dismissal of the Business Rescue Application, the aforementioned formal
discharging of the provisional liquidation process and the 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
8 October 2024

Sponsor
Merchantec Capital

Date: 08-10-2024 12:00:00
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