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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 annual financial statements for the years ended
28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the
subsequent interim results for the six months ended 31 August 2022 and 31 August 2023
("Interim Reports").
In respect of the late publication of the Company's Annual Results, the Company previously
had challenges appointing 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. This was subsequently
remedied and Auditors were appointed in October 2023; however, the finalisation and
publication of the Interim Reports and Annual Results 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. The Company has also appointed an International Financial
Reporting Standards expert to assist with technical queries.
The Business rescue plan for the Company's subsidiary, Black Chrome Mine (Pty) Ltd
("BCM"), was approved and the Business Rescue Practitioner ("BRP") decided to proceed
with a Mine Restart and Trade Out Plan ("Plan"). The Plan results in a better outcome for all
parties concerned and is based on BCM being restructured to become an integrated chrome
producer and processor utilising a low cost, low risk strategy. The BRP and management are
currently implementing the adopted Plan as sanctioned by creditors to navigate BCM out of
Business Rescue.
The Company will apply for the lifting of the suspension of trade in its securities once the
Interim Reports and Annual Results have been published and announced on SENS. The
Company will provide a further update in this regard in due course.
Johannesburg
30 September 2024
Designated Advisor
PSG Capital
Date: 30-09-2024 05:15:00
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