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Quarterly Suspension Update
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
("Chrometco" or "the Company")
QUARTERLY SUSPENSION UPDATE
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to
provide an update to shareholders regarding the current state of affairs of the Company until
the suspension is lifted.
Shareholders are referred to the ongoing suspension in trading of the Company's shares on
the JSE which came into effect on 18 July 2022. Trading in the Company's shares remain
suspended due to the late publication of the provisional annual financial statements for the
year ended 28 February 2022 ("Provisional Report") and the subsequent interim results for
the six months ended 31 August 2022 ("Interim Report").
In respect of the late publication of the Company's Provisional Report, the Company has
been struggling in its appointment of new auditors due to three subsidiaries within the group,
Black Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary
Limited and Sail Minerals Proprietary Limited, being in Business Rescue.
Further to the announcement released on SENS on 30 November 2022 advising
shareholders of the extension of the publication of the Black Chrome Mine business rescue
plan ("Plan"), the Company confirms that the Plan was published on 31 March 2023.
The Plan was scheduled to be adopted at a meeting of the creditors ("Creditor's Meeting")
originally scheduled for 18 April 2023. The IDC, being a major creditor, requested a
postponement to review the Plan and consequently the Creditor's Meeting was rescheduled
for 16 May 2023. On 12 May 2023, the Sail Minerals Business Rescue Practitioner instituted
legal proceedings against Black Chrome Mine. The Black Chrome Mine BRP, who has
considered the court application issued by Sail Minerals ("Application"), has instructed the
Company's attorneys to oppose the Application. In light of the pending Application issued by
Sail Minerals, the Black Chrome Mine 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 ("Companies Act").
The meeting was rescheduled to 18 July 2023, however the Application remains pending, and
the meeting was further adjourned to 31 October 2023 in terms of section 151(3) of the
Companies Act.
As a result of the pending application, the reconvened meeting that was supposed to be held
in terms of section 151 of the Companies Act, was adjourned by Black Chrome Mine's
Business Rescue Practitioner, Mr. Mkhombo, to 29 February 2024 in terms of section 151(3)
of the Companies Act. Subsequently, on 28 November 2023, the Sail Minerals Business
Rescue practitioner circulated a termination notice ("Termination Notice") to affected
persons, stating the reasons for terminating the business rescue proceedings of Sail Minerals.
Based on the reasons outlined in the Termination Notice, the Business Rescue Practitioner
concluded that there is no longer a reasonable prospect for Sail Minerals to be rescued.
Therefore, the Practitioner of Sail Minerals intends to bring an application, in accordance with
section 141(2)(a)(ii) of the Companies Act, to discontinue the business rescue proceedings of
Sail Minerals and place it into liquidation.
The Company will apply for the lifting of the suspension of trade in its securities once the
Provisional Report and Interim Report have been published and announced on SENS.
The Company will provide a further update in this regard in due course.
Johannesburg
28 December 2023
Designated Advisor
PSG Capital
Date: 28-12-2023 07:05:00
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