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Update on Black Chrome Mine business rescue plan and meeting of creditors and renewal of cautionary announcement
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
(“Chrometco” or “the Company”)
UPDATE ON BLACK CHROME MINE PROPRIETARY LIMITED BUSINESS RESCUE
PLAN AND MEETING OF CREDITORS AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the announcement released on SENS on 19 April 2023 wherein
Chrometco confirmed that the Black Chrome Mine Proprietary Limited (“BCM”) business
rescue plan (“Plan”) had been published on 31 March 2023 and it was to be considered at
the meeting of the creditors scheduled for 16 May 2023. On 12 May 2023, the Sail Minerals
Proprietary Limited (“Sail Minerals”) Business Rescue Practitioner instituted legal
proceedings against BCM. The BCM Business Rescue Practitioner, who has considered the
court application issued by Sail Minerals (“Application”), will be opposing the Application
and has instructed the Company’s attorneys to oppose the Application.
In light of the pending Application, the BCM Business Rescue Practitioner was of the view
that the creditors meeting scheduled for 16 May 2023 to vote on the Plan, as amended,
should be adjourned in terms of section 151(3) of the Companies Act 71 of 2008. The
creditor’s meeting has since been rescheduled to 18 July 2023.
Shareholders are referred to the previous cautionary and renewal of cautionary
announcements released on SENS and are advised that circumstances relating to a material
subsidiary of the Company are still being assessed, which could have a material effect on the
price of the Company’s securities. Accordingly, shareholders are advised to continue to
exercise caution when dealing with the Company’s securities until a further announcement
has been made.
Johannesburg
18 May 2023
Designated Advisor
PSG Capital
Date: 18-05-2023 12:05:00
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