Wrap Text
Quarterly Progress Report - June 2024
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")
QUARTERLY PROGRESS REPORT – JUNE 2024
Shareholders are referred to the ongoing suspension in trading of the Company's shares on the JSE Limited
("JSE"), which came into effect on 21 August 2023 ("the Suspension") for failing to publish its audited financial
results for the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the suspension is expected to be lifted.
FY2023 financial results
The FY2023 financial results were published on SENS on 21 May 2024. The integrated annual report for the
year ended 31 March 2023, including these results, will be distributed to shareholders on or about 14 June
2024.
Interim financial results
The Company's interim financial results for the six months ended 30 September 2023 ("FY2024 interim
financial results") are, in accordance with paragraph 3.17 of the JSE Listings Requirements, required to be
published by no later than 31 December 2023. It is the Company's intention to release the FY2024 interim
financial results on or about 31 July 2024.
Voluntary business rescue processes of subsidiaries of the Company
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"), a wholly-owned subsidiary of the Company,
and are hereby reminded that the proposed business rescue plan, as provided for in the Companies Act, 2008
(Act 71 of 2008), as amended ("Companies Act"), will be published on 28 June 2024.
Shareholders are referred to the further cautionary announcement released on SENS on 27 February 2024
and the subsequent renewals thereof, the last of which was dated 20 May 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. Shareholders are hereby reminded that a hearing date for
leave to appeal against the judgement in terms of which the business rescue application has been dismissed,
is still being awaited. Shareholders are hereby further reminded of the provisional liquidation hearing scheduled
for 3 July 2024 and the ongoing discussions with all major creditors to reach a compromise with Keaton Mining
in terms of section 155 of the Companies Act. A successful compromise proposal prior to 3 July 2024,
sanctioned by the court, is still envisaged. This will serve to set aside the provisional liquidation status of Keaton
Mining.
Shareholders will be kept informed of any developments with regard to Wescoal Mining and Keaton Mining as
soon as further material information becomes available.
Change of Auditors
Further to the announcement released on SENS on 30 May 2024 regarding the resignation of the Company's
auditors, KPMG Inc. with effect from 28 May 2024, shareholders are advised that the Board has commenced
the process of appointing new auditors, and will be advised once such an appointment has been confirmed.
Date on which Suspension is expected to be lifted
Subsequent to the publication of the 'Quarterly Progress Report - February 2024' on 29 February 2024, three
independent non-executive directors were appointed to the Board on 1 March 2024 to restore the balance of
power at Board level and to enable the adequate composition of committees. Additionally, the FY2023 financial
results were released on 21 May 2024. As mentioned, the FY2024 interim financial results are planned to be
released on or about 31 July 2024 and it is the Company's intention to also release the FY2024 audited results
for the period ended 31 March 2024 on or about 30 August 2024, subject to the appointment of new auditors.
Accordingly, it is the Board's best estimate that the Suspension will be lifted on or about 9 September 2024.
Johannesburg
3 June 2024
Sponsor
Merchantec Capital
Date: 03-06-2024 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
