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Wsl - Wescoal Holdings Limited - High Court Judgment In Favour Of Wescoal With

Release Date: 15/12/2011 10:46:20      Code(s): WSL
WSL - Wescoal Holdings Limited - High court judgment in favour of Wescoal with  
punitive cost orders                                                            
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")                                                    
HIGH COURT JUDGMENT IN FAVOUR OF WESCOAL WITH PUNITIVE COST ORDERS              
Shareholders are referred to the various announcements from 6 July 2011 to 17   
November 2011 regarding legal disputes with and liquidation applications brought
by Sutha Civils (Pty) Limited and BSM Mining (Pty) Limited ("the respondents")  
against Wescoal and Wescoal Mining (Pty) Limited  ("Wescoal Mining").           
On 14 December 2011 Acting Judge Hiemstra delivered judgment in the North-      
Gauteng High Court that "the respondents have in concert embarked on a          
relentless campaign, not only by means of frivolous and unfounded liquidation   
applications, but also through the financial press and criminal charges, to     
coerce the applicants (Wescoal and Wescoal Mining) to pay the debts that are not
due by them. This is a gross abuse of the processes of the Court and the        
provisions of the Companies Act. The abuse is so outrageous that it calls for   
punitive cost orders."                                                          
The respondents were interdicted from proceeding with the two winding-up        
applications and both cases were set aside with costs on the scale as between an
attorney and own client.                                                        
Secondly, the respondents were ordered to pay the costs of both applications at 
a scale as between an attorney and own client, including the costs of two       
counsel.                                                                        
15 December 2011                                                                
Johannesburg                                                                    
Sponsor                                                                         
Exchange Sponsors                                                               
Date: 15/12/2011 10:46:20 Supplied by www.sharenet.co.za                     
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