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SAH - South African Coal Mining Holdings Limited - Trading Update and BEE Transaction South African Coal Mining Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1994/009012/06 Share code: SAH ISIN: ZAE000102034 ("SACMH" or "the company") TRADING UPDATE AND BEE TRANSACTION Trading Update In terms of the Listings Requirements of the JSE Limited ("JSE"), companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by 20% or more from the financial results for the previous corresponding period. All indications are that the company`s provisional results for the year ended 31 December 2011 will be more than 20% weaker than the results for the previous corresponding period. The company`s provisional results for the year ended 31 December 2011 which are to be completed by 31 March 2012 as required by JSE, are likely to be delayed due to the following reasons: As mentioned in SACMH`s 2010 annual report issued in August 2011, the company had embarked upon a comprehensive resource evaluation exercise. This exercise undertaken by the company was completed in January 2012 and SRK Consulting ("SRK") were engaged to complete a Competent Persons Report ("CPR"), which would include inter alia an updated reserves and resources statement. The CPR is expected in April 2012, the implications of which will need to be reflected in the results. Provisional indications are that there may be substantial changes compared to the position in SRK`s previous report released in 2008, specifically with reference to the reserves and resources positions. These changes may result in an impairment charge; the nature and extent of this charge will be determined upon receipt of the final CPR. The impact of these changes will also need to be comprehensively reviewed and investigated by the management and Board of SACMH. At this stage the company`s auditors are in the process of completing the audit of the company`s provisional results for the year ended 31 December 2011, which can effectively only be completed upon finalization of the CPR by SRK. The final audited results will subsequently need to be adopted by the Board of SACMH. Comprehensive efforts are being applied to ensure that these processes are completed as early as possible. BEE Transaction Shareholders are referred to the announcement made on 7 November 2011 on SENS, in which it was inter alia stated that the company intended to commence a process to reinstate its BEE shareholding. JSW Energy Natural Resources South Africa (Pty) Limited ("JSW"), the majority shareholder of the company, is engaged in running a formal process to reinstate a BEE shareholding, from potential acquirers who have expressed firm interest to acquire a minimum strategic interest in SACMH from JSW. 30 March 2012 Johannesburg Sponsor Exchange Sponsors Media contact: Renay Tandy NGAGE Public Relations 011 867 7763 082 562 5088 renay@ngage.co.za Date: 30/03/2012 14:44:01 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.
