THE WATERBERG COAL COMPANY LIMITED - Request to ASX for Extension to Voluntary Suspension

Request to ASX for Extension to Voluntary Suspension

The Waterberg Coal Company Limited
(Incorporated in Australia)
(Registration number ABN 64 065 480 453)
ASX: WCC | JSE: WCC | ISIN: AU000000WCC9
(“WCC” or “the Company”)

Request to ASX for Extension to Voluntary Suspension

The Company has made a request to the Australian Stock Exchange
Limited (ASX) for an extension to its current voluntary suspension
in the trading of its securities which expires prior to
commencement of trade on Monday 21 December 2015.
In accordance with ASX Listing Rule 17.2, the Company advises
that:
(a)   it is seeking the extension to the voluntary suspension to
      allow time to finalise a proposed third party funding
      arrangement   to  replace   its existing funding  facility
      (Facility) with The Standard Bank of South Africa Limited
      (SBSA) which was due for repayment on 9 April 2015 (as
      announced on 17 March 2015).

(b)   as advised to the market on 17 September 2015, the
      transaction contemplated with Sibanye Gold Limited (Sibanye)
      was   subject  to   due  diligence   (legal,  technical  and
      financial), which was expected to be completed by end of
      November 2015;

(c)   Sibanye has advised that due diligence has been completed and
      that they are willing to consider pursuing the transaction
      however, the terms of the agreement with both the SBSA
      Noteholders, and the Company would need to be varied, which
      variation is currently under negotiation and subject to
      formal documentation and respective board approvals;

(d)   due to the Christmas/New Year seasonal break, it is
      considered that the negotiations, documentation and requisite
      board approvals will now be completed during February 2016;

(e)   it is contemplated that once the variation with the SBSA
      Noteholders has been documented a revised term sheet
      recording same will be entered into with all of the parties;

(f)   the replacement funding represents a significant transaction
      and the final terms of the proposal will impact the Company's
      ability to carry out its future objectives;

(g)   SBSA has previously advised that it will maintain the
      Facility as “on demand”, rolling daily basis, to give the
      discussions time to progress;

(h)   the Company is of the view that re-instatement of trading for
      its securities at this time is likely to be materially
      prejudicial to its ability to successfully complete the
      complex funding transaction contemplated which is critical to
      the Company’s financial viability;

(i)   it expects the voluntary suspension to remain in place until
      the earlier of:
      (A)   the date that it has made an announcement in respect of
            its proposed funding arrangement; and
      (B)   commencement of trade on Monday 29 February, 2016;

(j)   it is not aware of any reason why the securities should not
      be suspended; and

(k)   is not aware of any other information necessary to inform the
      market about the suspension.


Lee Boyd
Director
The Waterberg Coal Company Limited

18 December 2015

JSE Sponsor
The Standard Bank of South Africa Limited

Registered   office:
Level 2, 1   Walker Avenue West Perth, Western Australia 6005
Australia
Tel: +61 8   9485 0888
Fax: +61 8   9485 0077

South African office:
Level 1, The Place,
1 Sandton Dr
Sandton, 2146
South Africa
Tel: +27 10 594 2240
Fax: +27 10 594 2253

Contact:
Mr Stephen Miller
Executive Director/CEO
or
Investor relations in South Africa:
Lawrie Mackintosh
Tel: +27 10 594 2240
E-mail: info@waterbergcoal.com.au
Directors:

Dr Mathews Phosa
(Chairman)

Stephen Miller
(Executive Director and CEO)

Lee Boyd
(Director and Company Secretary)

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