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Wsl - Wescoal Holdings Limited - On-going Legal Dispute With Sutha And

Release Date: 17/11/2011 15:31:01      Code(s): WSL
WSL - Wescoal Holdings Limited - On-going legal dispute with Sutha and          
BSM Mining                                                                      
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")                                                    
ON-GOING LEGAL DISPUTE WITH SUTHA AND BSM MINING                                
Shareholders are referred to the various announcements commencing on 6          
July 2011 to 4 November 2011 regarding legal disputes with Sutha Civils         
("Sutha") and BSM Mining (Pty) Limited ("BSM Mining").                          
Shareholders are reminded of the order and outcome of events so far:            
1)   On 6 July 2011, Sutha applied for the liquidation of Wescoal Mining;       
2)   On 20 July 2011, Wescoal and Wescoal Mining filed a motion in              
    respect of an urgent application to set aside Sutha`s liquidation           
application;                                                                
3)   On 28 July 2011, the South Gauteng High Court granted an order to          
    interdict Sutha from continuing to make unsubstantiated and                 
    derogatory statements in respect of Wescoal and Wescoal Mining and          
the court found Sutha`s actions and statements were unsubstantiated,        
    malicious, groundless and devoid of the truth;                              
4)   On 2 August 2011, the North Gauteng High Court granted an order in         
    favour of Wescoal and Wescoal Mining against Sutha. The order set           
aside Sutha`s application for the liquidation of Wescoal Mining with        
    costs.                                                                      
5)   On 27 October 2011, BSM Mining applied to the North Gauteng High           
    Court for the liquidation of Wescoal Mining; and                            
6)   On 3 November 2011, Wescoal applied to the North Gauteng High Court        
    to set aside the above application. Regrettably the judge ruled that        
    application is not urgent and that the matter should take its normal        
    course through the Court.                                                   
On 16 November 2011 Sutha applied to the North Gauteng High Court to            
firstly join in BSM Mining`s Liquidation Application of 27 October 2011         
and secondly to itself apply for the liquidation of Wescoal Mining under        
the same case number as the application on 27 October 2011 . The                
application relates to inter alia a claim of R95, 9 million (which is           
disputed) based on the loss of income for the remainder of the contract;        
costs incurred on the establishment and de-establishment of machinery and       
retrenchment costs incurred.                                                    
Wescoal Mining has instructed its legal team to oppose the application as       
it believes the application is totally unfounded and malicious and has no       
prospect of succeeding.                                                         
Management`s assertions that Sutha and BSM Mining are acting in concert         
to embarrass and harass Wescoal and elicit shareholder and other                
interested party concerns has now been confirmed even though the parties        
swore previously under oath they were not acting in concert.                    
The board of Wescoal is committed to ensuring that these on-going legal         
disputes do not interfere with the smooth running of operations of the          
company.                                                                        
Shareholders will be made aware of any future developments.                     
17 November 2011                                                                
Johannesburg                                                                    
Sponsor                                                                         
Exchange Sponsors                                                               
Date: 17/11/2011 15:31:01 Supplied by www.sharenet.co.za                     
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