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Wsl - Wescoal - Successful Conclusion Of The Acquisition And The Issue Of Shares

Release Date: 05/03/2008 13:35:04      Code(s): WSL
WSL - Wescoal - Successful Conclusion Of The Acquisition And The Issue Of Shares
                    For Cash                                                    
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     
INVESTOR                                                                        
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             
    acquisition.                                                                
Shareholders are advised that the general issue will now be implemented.    
5 March 2008                                                                    
Johannesburg                                                                    
Designated adviser              Exchange Sponsors                               
Attorneys for Wescoal           Kim Warren, Rambau & Associates                 
Attorneys for application to    Brink Cohen Le Roux Inc                         
Competition Commission                                                          
Date: 05/03/2008 13:35:04 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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