WESCOAL HOLDINGS LIMITED - Fulfilment of all the suspensive conditions in relation to, and the implementation of, the BEE transaction

Fulfilment of all the suspensive conditions in relation to, and the implementation of, the BEE transaction

Wescoal Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number 2005/006913/06)

Share Code: WSL ISIN: ZAE000069639
(“Wescoal” or the “Company”)


FULFILMENT OF ALL THE SUSPENSIVE CONDITIONS IN RELATION TO, AND THE IMPLEMENTATION OF,
THE BEE TRANSACTION

Unless defined in this announcement or if the context dictates otherwise, capitalised terms used in this
announcement have the same meanings as given in the circular to Shareholders dated 25 October 2016
detailing the terms of the proposed black economic empowerment transaction.

Shareholders are referred to the announcements published by the Company on SENS dated 29
September, 25 October, 23 November and 28 November 2016 in relation to the Transaction.

Shareholders are hereby advised that (i) all suspensive conditions in relation to the Transaction have
now been fulfilled; and (ii) 124 995 373 new Wescoal Shares have been issued and allotted to the BEE
SPV, and subsequently listed on the JSE. As such, the Company has now achieved direct black
ownership of at least 51% as required by the Coal Supply Agreements entered into by Wescoal with
Eskom.


By order of the Board of Directors of Wescoal


Johannesburg
20 December 2016

Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking

Legal Advisor
Bowman Gilfillan Inc

Independent Expert
BDO Corporate Finance


Independent Reporting Accountant
Pricewaterhouse Coopers Inc

Date: 20/12/2016 11:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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