OPT - Optimum Coal Holdings Limited - Update regarding consortium`s expression

OPT - Optimum Coal Holdings Limited - Update regarding consortium`s expression  
of interest to acquire the entire issued share capital of optimum and withdrawal
of cautionary announcement                                                      
Optimum Coal Holdings Limited                                                   
(Registration number: 2006/007799/06)                                           
JSE share code: OPT                                                             
ISIN: ZAE000144663                                                              
("Optimum")                                                                     
UPDATE REGARDING CONSORTIUM`S EXPRESSION OF INTEREST TO ACQUIRE THE ENTIRE      
ISSUED SHARE CAPITAL OF OPTIMUM AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT       
Shareholders are referred to the cautionary announcements published by Optimum  
on 17 August 2011, 26 August 2011, 1 September 2011, 9 September 2011 and 13    
October 2011, respectively, as well as the announcement published on 16 November
2011, by a consortium ("the Consortium") comprising of Piruto B.V, a whollyowned
subsidiary of Glencore International AG, and Lexshell 849 Investments           
(Proprietary) Limited, a company whollyowned by Mr Cyril Ramaphosa.             
Following the acquisition of additional shares in Optimum on the market, as well
as the conclusion of a conditional agreement with Mercuria Energy Asset         
Management BV, the Consortium has informed the board of directors of Optimum    
("the Board") that it no longer wishes to pursue a general offer at this time to
acquire, directly or indirectly, the entire issued ordinary share capital of    
Optimum.                                                                        
The Consortium, however, confirmed to the Board that it will, once it receives  
approval from the Competition Authorities for the transactions already entered  
into and in compliance with its obligations under the Companies Act, 71 of 2008 
and the Takeover Regulations, make a mandatory offer ("the Mandatory Offer") to 
the remaining shareholders of Optimum to acquire their shares in Optimum at a   
price not less than R38 per Optimum share, notwithstanding the timing of the    
Mandatory Offer.                                                                
The Consortium informed the Board that it believes that it will be preferable to
make the Mandatory Offer as opposed to the general offer, because the Mandatory 
Offer will be unconditional and capable of immediate implementation once        
accepted by Optimum shareholders.                                               
The Board has been informed by the Consortium that it does not anticipate the   
Mandatory Offer to be made before the end of the first quarter of 2012.         
Following the release of this announcement, as well as the announcement of the  
Consortium today, the cautionary announcement originally published by Optimum on
17 August 2011 and renewed on 1 September 2011 and 13 October 2011 is hereby    
withdrawn and caution is no longer required to be exercised by Optimum          
shareholders when dealing in Optimum shares.                                    
Johannesburg                                                                    
16 November 2011                                                                
Financial Adviser to Optimum                                                    
Standard Chartered                                                              
Legal Adviser to Optimum                                                        
Webber Wentzel                                                                  
Sponsor to Optimum                                                              
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 16/11/2011 12:01:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.