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Update to the disposals of Benicon Coal Proprietary Limited & Further Cautionary Announcement
SENTULA MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
(“Sentula” or “the Company”)
UPDATE TO THE DISPOSALS OF BENICON COAL PROPRIETARY LIMITED AND BENICON MINING
PROPRIETARY LIMITED AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcements released on SENS on 28 February 2014 regarding the
Benicon Coal Disposal and the Benicon Mining Disposal (collectively referred to hereinafter as the
“Disposals”) and using the terms defined therein unless otherwise stated, are advised that subsequent to
discussions regarding the categorisation of the Benicon Coal Disposal with the JSE pursuant to the Listings
Requirements, the JSE has determined that the Benicon Coal Disposal constitutes a category 1 transaction
for purposes of the Listings Requirements. Accordingly, both Disposals must be approved by shareholders.
In terms of the Benicon Coal Disposal, Sentula, Miranda, Mochiba, Kutlwano, and Benicon Coal have
entered into an addendum to the Agreements on 14 April 2014 which, inter alia, amends the following –
1. the definition of “Bankfontein Disposal” in the Sale Agreement from the transfer by Benicon Coal at
book value of the Bankfontein Property (as such term is defined in the Sale Agreement) (“Bankfontein
Property”) to Sentula or any subsidiary of Sentula, to the registration of transfer at the applicable deeds
registries office of the Bankfontein Property into the name of Benicon Mining pursuant to a sale
agreement entered into or to be entered into between Benicon Coal and Benicon Mining in terms of
which Benicon Coal will sell the Bankfontein Property to Benicon Mining for a consideration of
R1,187,143.42, which consideration will be paid by way of a reduction of Benicon Mining’s loan account
against Benicon Coal to nil; and
2. the date by which the conditions precedent pertaining to the Benicon Coal Disposal must be fulfilled from
31 May 2014 to 31July 2014.
A circular to shareholders, which is currently being finalised, will be distributed to shareholders in due
course.
Shareholders are hereby advised that the pro forma financial effects of the Disposals are still in the process
of being finalised. In addition, shareholders are referred to the further cautionary announcement dated
29 January 2014 regarding the approach by parties interested in certain other businesses within the Sentula
portfolio. As the board of directors of Sentula is still engaged in the strategic evaluation of alternative options
to further unlock shareholder value and commensurately reduce the Group’s senior debt, which may result in
actions that could have a material effect on the price of Sentula’s securities, shareholders are advised to
continue exercising caution when dealing in Sentula’s securities until further announcements are made.
Furthermore, shareholders are referred to the announcement released on SENS on 24 June 2013 regarding
the Disposal of the Schoongezicht Prospecting Right and are hereby notified that all the outstanding cash
relating to the Disposal of the Schoongezicht Prospecting Right has been received.
Johannesburg
14 April 2014
Sponsor
Merchantec Capital
Legal advisors
Cliffe Dekker Hofmeyr
Date: 14/04/2014 04:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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