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Wsl - Wescoal Holdings - Update On The Acquistions Of Coal Prospecting Rights

Release Date: 19/11/2008 08:58:35      Code(s): WSL
WSL - Wescoal Holdings - Update On The Acquistions Of Coal Prospecting Rights   
                        And Completion Of The Acquisition                       
Wescoal Holdings Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE code: WSL         ISIN: ZAE000069639)                                      
("Wescoal" or "the group")                                                      
UPDATE ON THE ACQUISTIONS OF COAL PROSPECTING RIGHTS AND COMPLETION OF THE      
ACQUISITION OF VLAKVARKFONTEIN COAL PROSPECTING RIGHTS                          
1.   UPDATE ON THE COAL RIGHTS ACQUISTIONS                                      
Shareholders are referred to the announcements dated 6 March 2008 and 10 April  
2008 in which it was announced that subject to the fulfilment of certain        
conditions precedent, Wescoal has purchased:                                    
*    the Prospecting Rights extending over Portions 16 and 12 of the Farm       
    Vlakvarkfontein 213 IR district of Witbank from Razorbill Properties 269    
(Pty) Limited ("Razorbill") ("Vlakvarkfontein acquisition");                
*    the Prospecting Rights over Portion 10 of the Farm Bankfontein 216 IR      
    district of Witbank from Vuselela Mining (Pty) Limited ("Vuselela")         
    ("Bankfontein acquisition "); and                                           
*    the Prospecting Rights over Portions 8,9 & 10 of the Farm Mooiplaats 165   
    JS Mpumalanga province from Vuselela ("Mooiplaats acquisition").            
    collectively "the coal rights acquisitions".                                
2.   COMPLETION OF VLAKVARKFONTEIN ACQUISITION                                  
Shareholders are advised that all conditions precedent in respect of the        
Vlakvarkfontein acquisition have now been fulfilled including the receipt of    
the Section 11 transfer in terms of the Minerals and Petroleum and Resources    
Act, 2002 and accordingly, the board of directors of Wescoal announce that the  
Vlakvarkfontein acquisition has now become unconditional in all respects.       
Messrs Robinson Ramaite and Mpumelelo Sikhosana, directors of Wescoal, have an  
equity interest in Razorbill and Vuselela through their BEE company Waterberg   
Portion Property Investments (Pty) Limited and it is therefore regarded as a    
related party to Wescoal in terms of the Listing Requirements of the JSE        
Limited ("Listing Requirements"). However the Vlakvarkfontein acquisition is    
not regarded as a related party transaction as the percentage in paragraph      
10.6(c) read with paragraph 21.11(a) of the Listing Requirements is below 10%   
of the market capitalisation of Wescoal.                                        
3.   FURTHER ANNOUNCEMENT ON THE BANKFONTEIN AND MOOIPLAATS ACQUISITIONS        
Shareholders will be notified of the progress of the Bankfontein and            
Mooiplaats acquisitions in due course.                                          
Designated Adviser                                                              
Exchange Sponsors                                                               
Johannesburg                                                                    
19 November 2008                                                                
Date: 19/11/2008 08:58:35 Supplied by www.sharenet.co.za                     
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