VILLAGE MAIN REEF LIMITED - Update on Scheme of Arrangement

Update on Scheme of Arrangement

Village Main Reef Limited
(Registration number 1934/005703/06)
JSE code: VIL
ISIN: ZAE000154761
("Village" or "the Company")




UPDATE ON SCHEME OF ARRANGEMENT
________________________________________________________________________


Shareholders of Village ("Village Shareholders") are referred to the announcement
released on the Stock Exchange News Service on 7 April 2015, which detailed the results
of the General Meeting, where the resolutions required to approve the Scheme were
passed by the requisite majority of Village Shareholders as set out in the circular issued to
Village Shareholders on 6 March 2015 regarding the Scheme (“Circular”).


Words and expressions used in this announcement shall have the meanings ascribed to
them in the Circular.


Shareholders are further referred to the conditions precedent to the Scheme (“Scheme
Conditions”), as detailed in the Circular. As indicated in the Important Dates and Times
section of the Circular, it was previously anticipated that all Scheme Conditions would be
fulfilled on or about 30 April 2015. Shareholders are advised that the Scheme Conditions
referred to in paragraphs 4.5.1.6, 4.5.1.7, 4.5.1.8 and 4.5.1.9 of the Circular have not yet
been fulfilled. All other Scheme Conditions have been fulfilled.


Village will in due course announce an updated timetable for the implementation of the
Scheme, once it has clarity on the fulfilment dates for the final Scheme Conditions.


Johannesburg
30 April 2015
Corporate adviser to Village Main Reef   Corporate     adviser   to   Heaven-Sent
Limited                                  Capital Group Management Co., Ltd

Qinisele Resources Proprietary Limited   Standard Chartered Bank

                                         South African Legal Advisor to Heaven-
JSE Sponsor to Village Main Reef
                                         Sent
Limited
                                         Capital Management Group Co., Ltd

Bravura Capital Proprietary Limited      Werksmans Attorneys

South African Legal Advisor to Village
                                         Independent Expert to Village
Main Reef Limited

Edward Nathan Sonnenbergs Incorporated   Venmyn Deloitte

Date: 30/04/2015 11:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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