SAH - South African Coal Mining Holdings Limited - Update in respect of Release Date: 07/11/2011 16:29:01 Code(s): SAH
SAH - South African Coal Mining Holdings Limited - Update in respect of
South African Coal Mining Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009012/06)
Share code: SAH ISIN: ZAE000102034
("SACMH" or "the company")
UPDATE IN RESPECT OF VARIOUS MATTERS
1. Put and call agreement
Shareholders are referred to the SENS announcement released on 5
RBH Resources Holdings Proprietary Limited ("RBH"), a subsidiary of
Royal Bafokeng Holdings Limited, has exercised its put option and JSW
Energy Natural Resources South Africa Proprietary Limited ("JSW")
acquired the following on 31 October 2011:
* from Royal Bafokeng Ventures Proprietary Limited 50.2% of the issued
shares in Royal Bafokeng Capital Proprietary Limited;
* from RBH the entire issued share capital in Mainsail Trading 55
Proprietary Limited ("Mainsail") and including all amounts owing by
the company to Mainsail.
2. Board of directors
As a result of the matters referred to in 1 above, it is with regret
that the company announces the resignation the chairman of SACMH, Mr.
Thabo Mokgatlha, an appointee of RBH, with effect from 2 November
2011. The Board extends its appreciation to Mr. Mokgatlha for steering
the Board through difficult times and wishes him well for his duties
in the Royal Bafokeng Group.
The Board is in the process of appointing non-executive directors from
the ranks of JSW Energy Limited, India. These are expected to be
effected by 18 November 2011 and an announcement will be made shortly
The Board has commenced a process of identifying suitable independent
non-executive directors to strengthen the Board and to comply with
King III and the JSE`s Listings Requirements.
3. Black Economic Empowerment (" BEE ")
A number of potential candidates have approached the company and
expressed their interest to become the BEE shareholder in the Company.
The company will commence a process shortly to ensure that BEE
shareholders are brought into the company over a reasonable period of
time. It is the intention to have completed this process by the end
of March 2012.
The board of the company is, where possible, committed to ensuring the
BEE shareholding in the company will be maintained at least at the
level of that held by RBH, being effectively 32% of the total issued
4. Mandatory offer price
SACMH has been informed by JSW that it has taken the decision by the
Takeover Regulation Panel in respect of the mandatory offer price on
review to the High Court. The matter is expected to be heard by the
Court before the end of 2011.
7 November 2011
Date: 07/11/2011 16:29:01 Supplied by www.sharenet.co.za
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