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Wsl - Wescoal Holdings Limited - Wescoal Intends Opposing Application To

Release Date: 07/07/2011 09:00:01      Code(s): WSL
WSL - Wescoal Holdings Limited - Wescoal intends opposing application to        
liquidate a subsidiary                                                          
WESCOAL HOLDINGS LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
JSE Share code: WSL   ISIN: ZAE000069639                                        
("Wescoal" or the Company)                                                      
WESCOAL INTENDS OPPOSING APPLICATION TO LIQUIDATE A SUBSIDIARY                  
Shareholders are referred to Wescoal`s financial results published on Sens on   
29 June 2011 ("results announcement") and the announcement on 14 March 2011     
relating to a legal dispute with  a disgruntled contractor Sutha Civils (Pty)   
Limited ("Sutha"). In the results announcement Wescoal indicated that:          
*    Sutha has not launched any action to substantiate and demand the money     
    they have publically claimed in March 2011;                                 
*    Wescoal did approach the court in March 2011 to interdict Sutha from       
continuing to make unsubstantiated and derogatory statements to the         
    media. An interim order was granted and should be made final during         
    August 2011; and                                                            
*    whilst legal opinion suggests any potential claim has limited chance of    
success, provisions have been made for this eventuality.                    
Shareholders are advised that on 6 July 2011 Sutha served papers on Wescoal     
Mining (Pty) Limited ("Wescoal Mining"), a wholly owned subsidiary of Wescoal,  
applying for the liquidation of Wescoal Mining ("the application").Wescoal      
Mining has instructed its legal team to oppose the application as it believes   
the application is totally unfounded, malicious and has no prospect of          
succeeding.                                                                     
Wescoal considers the application an abuse of the process of the courts, by     
Sutha not first proving their claim in court and may launch an application to   
stay the liquidation application.                                               
7 July 2011                                                                     
Johannesburg                                                                    
Sponsor                                                                         
Exchange Sponsors                                                               
Date: 07/07/2011 09:00:01 Supplied by www.sharenet.co.za                     
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