WESCOAL HOLDINGS LIMITED - Further update on the Vlaklaagte and Elandspruit transactionsRelease Date: 06/05/2013 11:04:00 Code(s): WSL
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")
FURTHER UPDATE ON THE VLAKLAAGTE AND ELANDSPRUIT TRANSACTIONS
Shareholders are referred to the announcements released on SENS on 31 July
2012, 3 September 2012, 5 October 2012, 8 November 2012, 21 December 2012,
14 February 2013 and 26 February 2013 ("Previous Announcements") and the
circular dated 15 January 2013 ("Circular") relating to the Vlaklaagte
Acquisition, the Vlaklaagte Disposal and the Elandspruit Acquisition (?the
Capitalised terms used and not otherwise herein defined, shall have the
meanings ascribed thereto in the Previous Announcements.
a) Elandspruit Acquisition
Xstrata has obtained Ministerial consent for the transfer of the
Elandspruit Mining Right to Wescoal Mining in terms of section 11 of the
MPRDA and accordingly the related condition precedent has been timeously
In addition, Shareholders are advised that Wescoal Mining has waived the
following outstanding conditions precedent:
1) the objection filed to the application for the water use license lodged
by Xstrata in respect of the Elandspruit Mining Right, being withdrawn;
2) the appeal by Bezuidenhoutshoek Farm (Pty) Ltd and others, in terms of
section 96 of the MPRDA, against the approval by the DMR of Duiker?s
Environmental Management Programme in respect of the Elandspruit Mining
Right, being dismissed.
b) Vlaklaagte Disposal
Shareholders are advised that the date for satisfaction of the following
remaining Conditions Precedent, namely,:
- the Vlaklaagte Mining Right being granted to Wescoal Mining in accordance
with the MPRDA; and
- Wescoal Mining obtaining Ministerial consent for the transfer of the
Vlaklaagte Mining Right to Xstrata in terms of section 11 of the MPRDA,
which has previously been extended to 30 April 2013, has now been extended
further to 31 May 2013.
Shareholders will be advised as soon as the remaining Conditions Precedent
to the Transactions have been met.
Corporate adviser & Sponsor to Wescoal Legal Advisers to
Exchange Sponsors KWA Attorneys
Legal Advisers to Xstrata
Baker & McKenzie
6 May 2013
Date: 06/05/2013 11:04:00 Supplied by www.sharenet.co.za
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