| Tue 16 Mar 2010, 9:25 | | SNU - Sentula Mining - Further update on the sale of Sentula`s 49.998% interest |
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SNU
SNU
SNU - Sentula Mining - Further 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")
FURTHER UPDATE ON THE SALE OF SENTULA`S 49.998% INTEREST IN THE KOORNFONTEIN
COAL MINE
Shareholders are referred to the announcement released on SENS on Monday, 1
March 2010 advising shareholders of the progress made in respect of the sale by
Sentula to Optimum Coal Holdings (Proprietary) Limited ("Optimum Coal Holdings")
of Sentula`s 49.998% interest in and shareholder claims against Siyanda Coal
(Proprietary) Limited, the company that operates the Koornfontein Coal Mine
("Siyanda Coal"), for an aggregate cash consideration of R670 million ("the
Koornfontein Sale").
Shareholders are advised that as at the date of this announcement, the following
conditions precedent to the Koornfontein Sale have been fulfilled:
* 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.
The Koornfontein Sale did not require the approval of the Competition
Authorities in view of the fact that the unconditional written approval of the
Competition Tribunal was granted for the acquisition by Optimum Coal Holdings of
respectively the entire issued share capital of Dunrose Trading 191
(Proprietary) Limited and the entire issued share capital of Twin Cities Trading
39 (Proprietary) Limited, the transaction which will result in Optimum Coal
Holdings acquiring control over Siyanda Coal.
Accordingly, the only outstanding condition precedent is 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.
Shareholders are further advised that a circular containing full details of the
Koornfontein Sale and a notice convening a general meeting of Sentula
shareholders was sent to Sentula shareholders on Monday, 15 March 2010. The
general meeting, to be held in the boardroom of Merchantec Capital, 2nd Floor,
North Block, Hyde Park Office Towers, Corner 6th Road and Jan Smuts Avenue Hyde
Park, 2196 at 10:00 on Tuesday, 30 March 2010, 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
16 March 2010
Sponsor
Merchantec Capital
Adviser on the Koornfontein Sale
RFA Consulting (Proprietary) Limited
Legal advisers
Cliffe Dekker Hofmeyr Inc.
Auditors
KPMG Inc.
Date: 16/03/2010 09:25:01 Produced by the JSE SENS Department.
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