SALUNGANO GROUP LIMITED - Voluntary Update: Delay in the Publication of the Company's Financial Results for the Year Ended 31 March 2023

Voluntary Update: Delay in the Publication of the Company's Financial Results for the Year Ended 31 March 2023

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG   ISIN: ZAE000306890
(“Salungano Group” or “the Company”)


VOLUNTARY UPDATE: DELAY IN THE PUBLICATION OF THE COMPANY'S FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2023


Shareholders are referred to the announcements released on SENS on 30 June 2023 and 28 July 2023 relating
to delays in the publication of the Company’s financial results for the year ended 31 March 2023 (“Publication
Announcements”), and on 5 September 2023 relating to the update on the voluntary business rescue of
Wescoal Mining Proprietary Limited (“Wescoal Mining”), a wholly owned subsidiary, and the appointment of
a Group Chief Restructuring Officer.

As outlined in the Publication Announcements, due to an unforeseen delay in the completion of the audit
process, specifically relating to the finalisation of the Company’s refinancing agreements (“refinancing
process”), the publication of the Company’s audited financial results for the year ended 31 March 2023
(“FY2023”) would be delayed. Whilst the refinancing process has advanced significantly it has not yet been
concluded and the audit process cannot therefore be finalised at this time. The appointment of a Chief
Restructuring Officer is, inter alia, to expedite the final preparation and implementation of the refinancing of
the Company’s borrowing facilities. This appointment is a condition of the Company’s funding institutions.

The FY2023 financial results and FY2023 Integrated Annual Report will therefore be published as soon as the
audit has been finalised. Shareholders will be updated on this timing via further SENS announcements.


Johannesburg
11 September 2023

Sponsor
Merchantec Capital

Date: 11-09-2023 01:01:00
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