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Application for business rescue – Arnot Opco (Pty) Ltd
SALUNGANO GROUP LIMITED
(Previously known as Wescoal Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
(the “Salungano Group”)
APPLICATION FOR BUSINESS RESCUE – ARNOT OPCO (PTY) LTD
Shareholders are advised that the Salungano Group, through its wholly-owned subsidiary
Wescoal Mining (Pty) Ltd (“Wescoal Mining”), has launched an application for the business
rescue of Arnot OpCo (Pty) Ltd (“Arnot OpCo”) on 11 August 2022.
Wescoal Mining is a 50% shareholder in Arnot HoldCo (Pty) Ltd (“Arnot HoldCo”), which is the
holding company of Arnot OpCo (the other 50% shareholder, and Wescoal Mining’s joint
venture partner in Arnot HoldCo, is Arnot InvestCo (Pty) Ltd). Wescoal Mining is therefore an
indirect shareholder in Arnot OpCo. Wescoal Mining is also a creditor of Arnot OpCo and is
launching the business rescue proceedings as an “affected person”, as contemplated in
section 128(1)(a)(i) of the Companies Act 71 of 2008, as amended.
Arnot OpCo has been in financial distress for a prolonged period, and the option of business
rescue is considered the most appropriate under the circumstances, noting that the Salungano
Group is of the firm belief that a business rescue plan could facilitate a successful turnaround
of the business.
The Salungano Group’s investment in Arnot HoldCo was fully impaired in the annual financial
statements for the year ended 31 March 2022 due to the uncertainties around funding of the
operation.
Stakeholders are advised that business operations at Arnot OpCo continue as usual, including
the supply of coal into the Arnot power station. Any further update will be made as appropriate
and within the regulatory frameworks.
12 August 2022
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Legal advisor: ENSafrica
Investor relations advisor: Singular IR
Date: 12-08-2022 01:03:00
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