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Wescoal - Termination of Proposed Acquisition of Anker SA

Release Date: 09/11/2006 14:32:01      Code(s): WSL
Wescoal - Termination of Proposed Acquisition of Anker SA                       
WESCOAL HOLDINGS LTD                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE Share code: WSL & ISIN: ZAE000069639)                                      
("Wescoal" or "the company")                                                    
Shareholders are referred to the announcements since 31 May 2006 that           
Wescoal has, subject to certain conditions precedent, purchased all the         
issued shares in and certain shareholders" claims on loan account against       
Anker SA from its shareholders ("the acquisition").                             
As the outstanding regulatory approvals could not be obtained timeously, the    
parties have agreed to terminate the acquisition.                               
Wescoal remains committed to pursue its stated intention of acquiring coal      
mines and reserves.                                                             
Shareholders no longer have to exercise caution when dealing in the             
company"s securities.                                                           
9 November 2006                                                                 
Designated adviser              Exchange Sponsors                               
Auditors                        Middel & Partners                               
Attorneys                       Kim Warren, Rambau &                            
Advisers in respect of          Brink Cohen Le Roux Inc.                        
Competition Commission                                                          
Competent Persons" Report       SRK Consulting (South Africa)                   
(Pty) Ltd                                       
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: 09/11/2006 02:32:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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