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Wsl - Wescoal Holdings Limited - Lapse Of Firm Intention Offer

Release Date: 04/05/2010 13:45:01      Code(s): WSL
WSL - Wescoal Holdings Limited - Lapse of firm intention offer                  
Wescoal Holdings Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE code: WSL ISIN: ZAE000069639)                                              
("Wescoal" or "the company")                                                    
LAPSE OF FIRM INTENTION BY WESCOAL TO ACQUIRE THE ENTIRE ISSUED SHARE CAPITAL OF
SOUTH AFRICAN COAL MINING HOLDINGS LIMITED ("SACMH") AND WITHDRAWAL OF          
CAUTIONARY ANNOUNCEMENT                                                         
1    LAPSE OF FIRM INTENTION OFFER                                              
    Shareholders are referred the announcement on SENS dated 29 March 2010      
where it was announced that Wescoal has submitted to the board of directors 
    of SACMH written notice of its firm intention to make an offer to acquire   
    all the ordinary shares making up the entire issued ordinary share capital  
    of SACMH ("the Transaction") subject to the fulfilment of certain           
conditions precedent.                                                       
    No approval of the Transaction was received by Wescoal from the board of    
    SACMH by 30 April 2010 as stipulated in the firm intention offer and        
    therefore the firm intention has lapsed. Wescoal does not intend to proceed 
with the offer.                                                             
    As a result of the agreements concluded between JSW Energy Limited ("JSW")  
    and the major shareholders of SACMH as announced by JSW on SENS on 16 April 
    2010, Wescoal has decided not to further pursue this transaction.           
Wescoal will actively continue seeking new growth opportunities in the      
    future.                                                                     
2    Withdrawal Of Cautionary Announcement                                      
    Shareholders no longer have to exercise caution when dealing in the         
company`s securities.                                                       
Designated Adviser                                                              
Exchange Sponsors                                                               
Johannesburg                                                                    
4 May 2010                                                                      
Date: 04/05/2010 13:45:01 Supplied by www.sharenet.co.za                     
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