Sharenet Sites 
Sharenet Sites
Quarterly Progress Report - November 2023
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company")
QUARTERLY PROGRESS REPORT – NOVEMBER 2023
Shareholders are referred to the suspension of trade in the Company's securities on the JSE Limited ("JSE")
which came into effect on 21 August 2023 ("Suspension") for failing to publish its audited financial results for
the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update, on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the Suspension is expected to be lifted.
FY2023 financial results
As outlined in the announcements released on SENS on 30 June 2023, 28 July 2023 and 11 September 2023,
the delay in the finalisation and publication of the FY2023 financial results remains concomitant to the
finalisation of the Company's refinancing agreements ("refinancing process").
The appointment of a Chief Restructuring Officer to expedite the refinancing and ancillary restructuring of
Salungano Group's subsidiaries where applicable, as referred to in the announcements released on SENS on
5 September 2023 and 11 September 2023, contributed significantly to the progress made to date in respect of
the refinancing process. Due to the intricacies involved however, this process has not yet been concluded.
Concurrently, the FY2023 financial results have not been finalised, but will be published as soon as the audit
process has been concluded. Shareholders will be updated on the anticipated timing in this regard by way of a
further SENS announcement.
Interim financial results
The Company's interim financial results for the six months ended 30 September 2023 ("FY2024 interim
financial results") are, in accordance with paragraph 3.17 of the JSE Listings Requirements, required to be
published by no later than 31 December 2023. However, due to the delay in the publication of the FY2023
financial results, the publication of the FY2024 interim financial results will be delayed. It is the Company's
intention to release the FY2024 interim financial results as soon as possible after the release of the FY2023
financial results.
Voluntary business rescue process of a subsidiary of the Company
With reference to the cautionary announcement released on SENS on 25 August 2023 and subsequent
renewals thereof, the last of which was dated 20 November 2023, regarding the voluntary business rescue of
Wescoal Mining Proprietary Limited ("Wescoal Mining"), a wholly-owned subsidiary of the Company,
shareholders are further advised that the business rescue practitioners have received approval from creditors
to postpone the publication of the proposed business rescue plan from 30 November 2023 to 29 February 2024,
as provided for in the Companies Act, 2008 (Act 71 of 2008), as amended, due to the complexity of the affairs
and operations of Wescoal Mining.
Shareholders will be updated on the Wescoal Mining business rescue process as further material information
becomes available, and are reminded to continue to exercise caution when trading in Salungano Group shares
until a further announcement in this regard is made.
Lifting of the Suspension
The Company will apply for the lifting of the Suspension once the FY2023 financial results and integrated annual
report, as well as the FY2024 interim financial results, have been published. The Company will provide a further
update in this regard in due course.
Johannesburg
30 November 2023
Sponsor
Merchantec Capital
Date: 30-11-2023 03:17:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
