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WESCOAL HOLDINGS LIMITED - Response to media comments re a major International Group, update on Wescoal BEE and request for general meeting

Release Date: 25/03/2015 17:27:00      Code(s): WSL     
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE Share code: WSL ISIN: ZAE000069639
("Wescoal? or ?the Company?)

Announcement regarding:
- Response to media comments on process with major international Group;
- Update on Wescoal Black Economic Empowerment initiative; and
- Requisition for a general meeting of shareholders

Further to reports in the media in relation to the process that was followed in respect of the recent
letter of intent from a major international Group as detailed in SENS announcements dated 12
December 2014, 29 January 2015 and 24 February 2015, the board would like to reiterate that
the process was managed by independent members of the board. The discussions with the
international Group were terminated by Wescoal as certain conditions could not be met.

The Company would like to reconfirm its previously stated position regarding black economic
empowerment (?BEE?) and the desire to increase the BEE shareholding in Wescoal to above
50%. The Wescoal board of directors has appointed an advisor to assist on achieving this goal.

Shareholders are advised that the Company has received a requisition from certain shareholders
requesting a general meeting to propose the election of two persons, nominated by the
requisitionists, as non-executive directors to the board of Wescoal. The board is currently
considering this requisition and will comply with the provisions of the Companies Act. A further
announcement will be made in due course.

25 March 2015

Exchange Sponsors

Date: 25/03/2015 05:27:00 Supplied by www.sharenet.co.za                     
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