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SALUNGANO GROUP LIMITED - Update: Business Rescue Application of a wholly-owned Subsidiary

Release Date: 03/04/2024 10:55
Code(s): SLG     PDF:  
Wrap Text
Update: Business Rescue Application of a wholly-owned Subsidiary

Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG  ISIN: ZAE000306890
("Salungano Group" or "the Company")


Shareholders are referred to the 'Further Cautionary Announcement and Renewal of Wescoal Mining
Cautionary' announcement released on SENS on 27 February 2024 ("Further Cautionary Announcement")
regarding the application to place Keaton Mining Proprietary Limited ("Keaton Mining"), a wholly-owned
subsidiary of the Company's wholly-owned subsidiary, Keaton Energy Holdings Limited, under supervision
and to commence business rescue proceedings ("Business Rescue Application"), and are hereby advised
that the matter has been heard on an urgent basis on 28 March 2024.

Judgment in the matter was delivered on 2 April 2024, in terms whereof the Business Rescue Application was

Having considered the merits of the judgment, a notice of appeal against the judgment will be lodged on 3 April

Shareholders will be kept informed of the outcome of the aforementioned appeal proceedings by way of further
SENS announcements.

Shareholders are reminded that Keaton Mining comprises solely of the operations of the Salungano Group of
companies ("the Group") located at the Vanggatfontein Colliery in Mpumalanga and does not represent the
main revenue-generating operations of the Group located at the Moabsvelden Colliery, under the subsidiary
Neosho Trading 86 Proprietary Limited.

As set out in the Further Cautionary Announcement, production at the Vanggatfontein Colliery continues.

3 April 2024

Merchantec Capital

Date: 03-04-2024 10:55:00
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