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Indicative timing of revised non-binding and indicative proposal – Take No Action
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
ANNOUNCEMENT
22 December 2023
INDICATIVE TIMING OF REVISED NON-BINDING AND INDICATIVE PROPOSAL – TAKE NO ACTION
MC Mining Limited (MC Mining or the Company) refers to the Company's announcement made on 19
December 2023 regarding the receipt of a revised non-binding and indicative takeover offer (Takeover
Offer) from Senosi Group Investment Holdings Proprietary Limited (Senosi) and Dendocept
Proprietary Limited (Dendocept). The Takeover Offer was stated by Senosi and Dendocept to be made
on behalf of shareholders and associates who represent, in aggregate, 64.3% 1 of the issued capital in
the Company (together, the Consortium). The Takeover Offer was to acquire all of the MC Mining
shares that the Consortium currently does not own at a cash price of A$0.16 per share. The
Consortium indicated that a Bidder's Statement in relation to the Takeover Offer would be lodged on
21 December 2023.
On 21 December 2023 members of the Independent Board Committee (IBC) received correspondence
from Senosi and Dendocept which communicated that the Consortium's indicative proposed
timetable for its takeover offer documentation was going to be delayed, such that the Bidder's
Statement would now be expected to be lodged in the first week of January 2024 and mailed to MC
Mining shareholders in the last week of January 2024.
The IBC of MC Mining reiterates its recommendation that MC Mining shareholders TAKE NO ACTION
in relation to the Takeover Offer (which, at this stage, remains non-binding and indicative only)
pending a review of the Bidder's Statement (when received) and a recommendation from the IBC.
As previously announced, the IBC's recommendation will be outlined in a Target's Statement to
be provided to MC Mining shareholders, following publication of the Bidder's Statement. Until then,
there is no need for MC Mining shareholders to take any action.
Khomotso Mosehla
Chairman of the IBC
This announcement has been approved for release by the Company's Disclosure Committee.
1 As at the date of this announcement, Senosi Group Investment Holdings Proprietary Limited holds 23.4% and Dendocept Proprietary
Limited holds 6.9% of the current issued capital of the Company.
For more information contact:
Tony Bevan Company Secretary Endeavour Corporate +61 8 9316 9100
Services
Company advisors:
Richard Johnson / Rob Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Patrick
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
Marion Brower Financial PR (South R&A Strategic +27 11 880 3924
Africa) Communications
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining company operating in South Africa. MC
Mining's key projects include the Uitkomst Colliery (steelmaking and thermal coal), Makhado Project (steelmaking hard
coking coal), Vele Colliery (steelmaking semi-soft coking and thermal coal), and the Greater Soutpansberg Projects
(steelmaking coking and thermal coal).
Date: 22-12-2023 10:30:00
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