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Arnot opco placed under supervision and business rescue proceedings
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
(“Salungano Group”)
ARNOT OPCO PLACED UNDER SUPERVISION AND BUSINESS RESCUE PROCEEDINGS
Shareholders are referred to the announcement released on SENS on 12 August 2022,
advising that the Salungano Group, through its wholly-owned subsidiary Wescoal Mining (Pty)
Ltd (the applicant), has launched an application for the business rescue of Arnot OpCo (Pty)
Ltd (“Arnot OpCo”) on 11 August 2022.
Shareholders are advised that, on 10 October 2022, judgment in the aforesaid business rescue
application was handed down by the court as follows:
• Arnot OpCo has been placed under supervision and business rescue proceedings in terms
of section 131(4) of the Companies Act, 71 of 2008 (the “Act”).
• Mr Phahlani Lincoln Mkhombo has been appointed as the interim business rescue
practitioner to Arnot OpCo in terms of section 131(5) of the Act, with all the powers and
duties entrusted to him in terms of the Act, pending ratification of such appointment by the
creditors at their first meeting.
• Costs of the application are costs in the business rescue application.
• Respondents who opposed the business rescue application have been ordered to pay the
costs of opposition to the application jointly and severally.
Shareholders are reminded that 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 (Pty) Ltd 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.
Legal advisor: ENSafrica
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Investor relations advisor: Singular IR
10 October 2022
Date: 10-10-2022 05:15:00
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