WESCOAL HOLDINGS LIMITED - Update on the acquisition of a 50% indirect interest in the Arnot Mine

Update on the acquisition of a 50% indirect interest in the Arnot Mine

WESCOAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: WSL
ISIN: ZAE000069639
(“Wescoal” or "the Company")

Update on the acquisition of a 50% indirect interest in the Arnot Mine

Shareholders are referred to the SENS announcement published on 28 February 2019
regarding the transaction entered into by the Company, through its wholly-owned subsidiary
Wescoal Mining Proprietary Limited ("Wescoal Mining") to partner with Innovators Resources
Proprietary Limited ("IR") to acquire from Exxaro Coal Mpumalanga Proprietary Limited
("ECM"), for no consideration and on a voetstoots basis, the business operated out of the
Arnot coal mine in Mpumalanga (the "Arnot Mine") (the "Transaction").

Shareholders are hereby advised that the last condition precedent in respect of the transfer of
business agreement entered into between Arnot Opco Proprietary Limited (being Wescoal
Mining and IR) and ECM for the Transaction to be unconditional, i.e. the Eskom consent, has
now been fulfilled.

The effective date of the Transaction will therefore be 01 February 2020 in terms of a
subscription agreement concluded by the parties at the time of entering into the Transaction.
Review of the current state of operations at Arnot mine, ‘as is status’, has been completed
and integration work will commence immediately following the effective date, with start-up still
expected during the first half of the 2020 calendar year.


13 December 2019

Sponsor
Nedbank Corporate and Investment Banking

Date: 13-12-2019 01:19:00
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