WESCOAL HOLDINGS LIMITED - Results of general meeting

Results of general meeting

Wescoal Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number 2005/006913/06)

Share Code: WSL ISIN: ZAE000069639
(“Wescoal” or the “Company”)


RESULTS OF GENERAL MEETING RELATING TO THE PROPOSED BLACK ECONOMIC EMPOWERMENT
TRANSACTION (“TRANSACTION”)

Wescoal ordinary shareholders are advised that the voting results at the general meeting of Wescoal
regarding the approval by Wescoal ordinary shareholders for the implementation of the Transaction,
held at the registered office of the Company today (23 November 2016), were as follows:

 Resolution                    Number of         Number of For2            Against2    Abstained3
                               Wescoal           Wescoal
                               ordinary          ordinary
                               shares voted      shares voted
                               (excludes         (excludes
                               abstentions)      abstentions)
                                                 as          a
                                                 percentage
                                                 of Wescoal
                                                 ordinary
                                                 shares     in
                                                 issue1
                               93 692 172        39.44376%     99.96350%   0.03650%    0.06031%
 Special
 Resolution 1: Authority
 to issue 30% or more of
 the Company’s Shares to
 the BEE SPV
                               93 690 602        39.44310%    99.96777%    0.03223%    0.06136%
 Special
 Resolution 2: Authority
 to provide financial
 assistance
 Ordinary Resolution           81 188 172        36.07889%4   99.95783%    0.04217%    8.43226%
 1: Specific authority to
 issue Shares for cash to
 the BEE SPV
 Ordinary Resolution           93 690 602        39.44310%    99.98292%    0.01708%    0.06136%
 2: Waiver of the
 Mandatory Offer by the
 BEE SPV, Robinson
 Ramaite, Eric Mzimela
 and Simeka Capital
 Holdings Proprietary
 Limited
                                                                                                 2


Note:
1     Based on 237 533 578 Wescoal ordinary shares in issue as at the date of the general meeting.
2     In relation to the total number of Wescoal ordinary shares voted at the general meeting.
3     Based on the total number of Wescoal ordinary shares (149 355 759) that can be exercised at
      the general meeting.
4     Based on 237 533 578 Wescoal ordinary shares in issue as at the date of the general meeting,
      less treasury shares of 12 504 000.


Based on the above voting results, all resolutions were passed by the requisite majority of Wescoal
shareholders present in person or represented by proxy at the general meeting.



By order of the Board of Directors of Wescoal


Johannesburg
23 November 2016

Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking

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