SALUNGANO GROUP LIMITED - Application for the Provisional Liquidation of a wholly-owned Subsidiary and a Business Rescue Application

Application for the Provisional Liquidation of a wholly-owned Subsidiary and a Business Rescue Application

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:
APPLICATION FOR THE PROVISIONAL LIQUIDATION OF A WHOLLY-OWNED SUBSIDIARY OF
THE COMPANY AND A BUSINESS RESCUE APPLICATION


Shareholders are advised that the Company has learnt that a mining contractor of Wescoal Mining Proprietary
Limited (“Wescoal Mining”), a wholly-owned subsidiary of the Company, has taken legal steps to apply for the
provisional winding-up of Wescoal Mining, and that Wescoal Mining has filed its notice of opposition to the
liquidation application, which will be heard on 22 August 2023. Wescoal Mining comprises the mining
operations at the Khanyisa and Elandspruit mines.

The Company, in its capacity as an affected party, has also launched a court application to place Wescoal
Mining in business rescue, which application will be served on affected parties on 21 August 2023, following
this announcement, and will be heard on 22 August 2023.

Shareholders will be informed of the outcome of the aforementioned court proceedings in a subsequent
announcement.

Shareholders should note that the JSE has suspended the listing of the Company’s securities with effect from
21 August 2023, due to the Company’s failure to comply with the JSE Listings Requirements by not publishing
its Provisional Report for the financial year ended 31 March 2023 within the prescribed period stipulated in the
JSE Listings Requirements.


Johannesburg
21 August 2023

Sponsor
Merchantec Capital

Date: 21-08-2023 03:45:00
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