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Wescoal - Proposed Acquisition Of Anker Coal And Further Cautionary Announcement

Release Date: 23/03/2006 13:13:01      Code(s): WSL
Wescoal - Proposed Acquisition Of Anker Coal And Further Cautionary Announcement
Wescoal Holdings Limited                                                        
(previously known as "Abrina 724 Limited")                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE code: WSL & ISIN: ZAE000069639)                                            
("Wescoal" or "the company")                                                    
PROPOSED ACQUISITION OF ANKER COAL AND FURTHER CAUTIONARY ANNOUNCEMENT          
Further to the cautionary announcements dated 18 January 2006 and 8 March 2006, 
shareholders are advised that Wescoal has reached in principle agreement with   
the current shareholders of Anker Coal and Mineral Holdings South Africa        
(Proprietary) Limited ("Anker") regarding the acquisition of equity in Anker.   
The transaction is still subject to the signing of final legal agreements and   
the fulfilment of conditions precedent. Accordingly, shareholders are advised to
continue exercising caution when dealing in the company"s securities until a    
full announcement is made.                                                      
23 March 2006                                                                   
Johannesburg                                                                    
Designated Adviser                                                              
Exchange Sponsors                                                               
Warning: The listing of ordinary shares in the company is on ALTx.  Investors   
are advised of the risks of investing in a company listed on ALTx. Investors are
advised that the JSE does not guarantee the viability or the success of a       
company listed on ALTx.  In terms of the Listings Requirements, the company is  
obliged to appoint and retain a Designated Adviser, which is required to, inter 
alia, attend all board meetings held by the company to ensure that all the      
Listings Requirements and applicable regulations are complied with, approve the 
Financial Director of the company and guide the company in a competent,         
professional and impartial manner.  If the company fails to retain a Designated 
Adviser, it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its     
securities.  If a Designated Adviser is not appointed within 30 days of its     
suspension, the company faces the termination of its listing without the        
prospect of an appropriate offer to minority shareholders.                      
Date: 23/03/2006 01:13:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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