| Thu 5 Mar 2009, 14:35 | | SNU - Sentula - Withdrawal Of Cautionary Announcement |
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SNU
SNU
SNU - Sentula - Withdrawal Of Cautionary Announcement
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU & ISIN: ZAE000107223
("Sentula" or "the company")
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement dated 17 December 2008
and the further cautionary announcement dated 30 January 2009, and are advised
that the forensic investigation, which centred around an undisclosed bank
account ("the undisclosed account") in the name of Scharrighuisen Open Cast
Mining (Proprietary) Limited, a subsidiary of Sentula, has been largely
concluded. The forensic investigation has fully reconciled all hire-purchase
agreements entered into in the 2007 and 2008 financial years to cash receipts.
All receipts into and payments from the undisclosed account have been identified
and the emphasis of the investigation has now shifted to the recovery of
misappropriated assets as opposed to ascertaining whether the company was
exposed to losses in excess of those already provided for in the 2008 financial
year end. The provision of R242 million provided for in the results for the year
ended 31 March 2008 as released on SENS on 22 October 2008 has, accordingly,
fully provided for the misappropriation and no further losses are anticipated.
In addition, the company confirms that the forensic evidence supports the fact
that the party responsible for depositing an amount of R24 million into the
undisclosed account is identical to the recipient of funds from the undisclosed
account and, accordingly does not represent a further loss to the company. Based
on the progress made in the forensic investigation, the board of directors
believes that there is no liability to the company regarding this deposit of R24
million received into the undisclosed account.
As the board of directors believe that the issues addressed above, cease to have
any effect on the company, caution is no longer required to be exercised by
shareholders when dealing in their securities.
Johannesburg
5 March 2009
Sponsor
Merchantec (Proprietary) Limited
Date: 05/03/2009 14:35:02 Produced by the JSE SENS Department.
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