WSL - Wescoal - Successful Conclusion Of The Acquisition And The Issue Of Shares
Wescoal Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
(JSE code: WSL & ISIN: ZAE000069639)
("Wescoal" or "the group")
SUCCESSFUL CONCLUSION OF THE ACQUISITION OF THE COAL BUSINESSES OF ATLANTIS COAL
ESTATE CC AND EXPRESS TECHNOLOGY CC AND THE ISSUE OF SHARES FOR CASH TO BEE
1. Successful completion of Acquisitions
Shareholders are referred to the announcement released on SENS on 15
November 2007 in which it was announced that Chandler Coal (Pty) Limited, a
wholly owned subsidiary of Wescoal, has purchased the business of Atlantis
Coal Estate CC and Express Technology CC ("Express Acquisition").
Shareholders are advised that the final condition precedent to the
transaction has been satisfied, namely the unconditional approval of the
transaction by the Competition Commission.
Accordingly, the board of directors of Wescoal announces that the
acquisition has now become unconditional in all respects.
2. Confirmation of issue of shares for cash to BEE Investor
Shareholders are also referred to the announcement released on SENS on 20
November 2007 in which it was announced that Wescoal has agreed with
Waterberg Portion Property Investments (Pty) Limited ("WPP") to subscribe
for 5 000 000 ordinary shares in Wescoal at 107 cents per share, for a
total cash consideration of R5 350 000 in terms of a general issue of
shares for cash ("general issue"). The implementation of the general issue
was subject to the Competition Commission approving the Express
Shareholders are advised that the general issue will now be implemented.
5 March 2008
Designated adviser Exchange Sponsors
Attorneys for Wescoal Kim Warren, Rambau & Associates
Attorneys for application to Brink Cohen Le Roux Inc
Date: 05/03/2008 13:35:04 Supplied by www.sharenet.co.za
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