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Trading statement
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
(“Sentula” or “the Group”)
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement
as soon as they become reasonably certain that the financial results for the period to be reported on will
differ by more than 20% from that of the previous corresponding period.
Accordingly, a review of the financial results for the six month period ended 30 September 2013 by
management has indicated that the headline earnings per share is expected to be between 10.7 cents and
12.4 cents and the loss per share is expected to be between 42.1 cents and 43.5 cents, compared to the
headline earnings per share of 8.5 cents and earnings per share of 7.3 cents for the six month period ended
30 September 2012.
The financial information on which this trading statement is based has not been reviewed or reported on by
Sentula’s auditors. The Group’s financial results are expected to be released on SENS on or about
14 November 2013.
The difference between the headline and basic earnings per share is primarily as a result of the
reclassification of certain of the Group’s coal assets as held-for-sale assets in terms of IFRS 5, which has
resulted in an impairment of the carry value of these assets by R273 million (net of tax), to their deemed fair
value less cost to sell of R190 million.
The board of directors of Sentula has approved a proposal from its Standard Bank led consortium of bankers
(“the Consortium”) to restructure its senior debt as follows:
- an “A” tranche of R99 million which is fully amortised by February 2015; and
- a “B” tranche comprising an estimated bullet payment of between R206 million and R254 million
(depending on the extent of interim redemptions) on or before 11 February 2015.
It is contemplated that the bullet payment will predominantly be redeemed from the disposal of the Group’s
coal assets with an anticipated sale value of R210 million. The proposal from the Consortium has been
approved by their respective credit committees and is subject only to the finalisation of the revised loan
agreements.
Johannesburg
8 November 2013
Sponsor
Merchantec Capital
Date: 08/11/2013 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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