SAH - SOUTH AFRICAN COAL MINING HOLDINGS LIMITED - Further Cautionary
SAH
SAH
SAH - SOUTH AFRICAN COAL MINING HOLDINGS LIMITED - Further Cautionary
Announcement And Update
SOUTH AFRICAN COAL MINING HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/009012/06)
(Share Code: SAH & ISIN Code: ZAE000102034)
("SACMH" or "the company")
FURTHER CAUTIONARY ANNOUNCEMENT AND UPDATE
Shareholders are referred to previous cautionary announcements, the last of
which was published on 7 January 2010, in respect of the company`s restructuring
processes.
Shareholders are advised that the shares of SACMH are still suspended as the
auditors are not prepared to issue an audit opinion that the company is a going
concern. Efforts are on-going in an attempt to find an equity partner or sell-
off some of the company`s assets in order to address this.
Negotiations to upgrade the wash plant and augment the company`s own mining
efforts with toll washing and purchased run-of-mine (ROM) sourced from
neighbouring small BEE companies are now well advanced and funders` approvals
are being negotiated.
In addition, the company still regularly receives unsolicited offers to buy its
business. All serious offers in respect of which the board has received
satisfactory external proof of funding will be submitted to shareholders for
consideration as soon as practically possible.
Accordingly shareholders are advised to continue exercising caution when dealing
in the company`s securities until a full announcement is made.
18 February 2010
Mirkwood Estate
Sponsor:
Exchange Sponsors
Date: 18/02/2010 16:26:18 Produced by the JSE SENS Department.
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