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Further Cautionary Announcement and Renewal of Wescoal Mining Cautionary
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")
FURTHER CAUTIONARY ANNOUNCEMENT AND RENEWAL OF WESCOAL MINING CAUTIONARY
Shareholders are hereby advised that Keaton Mining Proprietary Limited ("Keaton Mining"), a wholly-owned
subsidiary of the Company's wholly-owned subsidiary, Keaton Energy Holdings Limited ("Keaton Energy
Holdings"), has been engaging with its creditors to reach a compromise in terms of section 155 of the
Companies Act, 2008 (Act 71 of 2008), as amended ("the Companies Act"). Negotiations with the creditors
yielded positive results, save for one creditor who chose to proceed with a provisional liquidation application
against Keaton Mining.
As a consequence, Keaton Energy Holdings and Keaton Mining have launched an application in terms of
section 131 of the Companies Act on 26 February 2024 for an order to place Keaton Mining under supervision
and to commence business rescue proceedings. The companies' management are of the opinion that there is
a reasonable prospect of rescuing Keaton Mining, and that business rescue would be in the best interest of all
creditors, employees, suppliers and customers of Keaton Mining.
Keaton Mining comprises solely of the operations of the Salungano Group of companies ("the Group") at the
Vanggatfontein Colliery in Mpumalanga and does not represent the main revenue-generating operations of the
Group at Moabsvelden Colliery, under the subsidiary Neosho Trading 86 Proprietary Limited.
Shareholders will be kept informed of the outcome of the court proceedings by way of a further SENS
announcement.
In the interim, the Vanggatfontein Colliery continues to operate.
Shareholders are advised that this further cautionary announcement ("Keaton Mining Cautionary") is in
addition to the cautionary announcement released on SENS on 25 August 2023 and the subsequent renewals
thereof, the last of which was dated 16 February 2024, in relation to the business rescue of a wholly-owned
subsidiary of the Company, Wescoal Mining Proprietary Limited ("Wescoal Mining") ("Wescoal Mining
Cautionary").
As the outcome of the business rescue application of Keaton Mining, and the business rescue processes of
Wescoal Mining, may have a material effect on the price of Salungano Group's securities, shareholders are
advised to continue to exercise caution when dealing in the Company's securities until a further announcement
is made.
Johannesburg
27 February 2024
Sponsor
Merchantec Capital
Date: 27-02-2024 02:12:00
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