| Mon 1 Mar 2010, 11:02 | | SNU - Sentula Mining - Update on the Sale of Sentula`s 49.998% Interest in |
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SNU
SNU - Sentula Mining - Update on the Sale of Sentula`s 49.998% Interest in
the Koornfontein Coal Mine
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
("Sentula" or "the Company")
UPDATE ON THE SALE OF SENTULA`S 49.998% INTEREST IN THE KOORNFONTEIN COAL
MINE
1 Introduction
Shareholders are referred to the announcement released on SENS on
Friday, 12 February 2010 advising them that the board of directors of
Sentula ("the Board") had successfully concluded an agreement with
Optimum Coal Holdings (Proprietary) Limited ("OCH") for the sale to
OCH of Sentula`s 49.998% interest in and shareholder`s claims against
Siyanda Coal (Proprietary) Limited, the company that operates the
Koornfontein Coal Mine ("Koornfontein"), for an aggregate cash
consideration of R670 million ("the purchase consideration") ("the
Koornfontein Sale").
Shareholders are advised that to date the following conditions
precedent to the Koornfontein Sale have been met:
- the receipt of irrevocable undertakings from Sentula shareholders
holding no less than 50% of Sentula`s issued share capital to
vote in favour of the Koornfontein Sale; and
- the approval of the Koornfontein Sale by Sentula`s consortium of
financiers.
Therefore, the only remaining conditions precedent to the Koornfontein
Sale are:
- the approval of the Koornfontein Sale by the Competition
Authorities, to the extent required, on or before 31 August 2010
and by the JSE Limited, to the extent required; and
- the approval of the Koornfontein Sale by a majority of Sentula
shareholders at a general meeting of Sentula shareholders on or
before 13 April 2010.
2. Classification of the Koornfontein Sale and further documentation
The Koornfontein Sale is classified as a category 1 transaction in
terms of the Listings Requirements of JSE Limited. Accordingly, it is
anticipated that a circular containing full details of the
Koornfontein Sale and a notice to convene a general meeting will be
sent to Sentula shareholders on or about the 11 March 2010. The
general meeting will provide Sentula shareholders with the opportunity
to consider and, if deemed fit, to pass, with or without modification,
the resolution necessary to approve and implement the Koornfontein
Sale.
Johannesburg
1 March 2010
Sponsor
Merchantec Capital
Adviser on the Koornfontein Sale
RFA Consulting (Proprietary) Limited
Legal advisers
Cliffe Dekker Hofmeyr Inc.
Auditors
KPMG Inc.
Date: 01/03/2010 11:02:02 Produced by the JSE SENS Department.
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