WSL - Wescoal Holdings Limited - Lapse of firm intention offer
WSL
WSL
WSL - Wescoal Holdings Limited - Lapse of firm intention offer
Wescoal Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
(JSE code: WSL ISIN: ZAE000069639)
("Wescoal" or "the company")
LAPSE OF FIRM INTENTION BY WESCOAL TO ACQUIRE THE ENTIRE ISSUED SHARE CAPITAL OF
SOUTH AFRICAN COAL MINING HOLDINGS LIMITED ("SACMH") AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
1 LAPSE OF FIRM INTENTION OFFER
Shareholders are referred the announcement on SENS dated 29 March 2010
where it was announced that Wescoal has submitted to the board of directors
of SACMH written notice of its firm intention to make an offer to acquire
all the ordinary shares making up the entire issued ordinary share capital
of SACMH ("the Transaction") subject to the fulfilment of certain
conditions precedent.
No approval of the Transaction was received by Wescoal from the board of
SACMH by 30 April 2010 as stipulated in the firm intention offer and
therefore the firm intention has lapsed. Wescoal does not intend to proceed
with the offer.
As a result of the agreements concluded between JSW Energy Limited ("JSW")
and the major shareholders of SACMH as announced by JSW on SENS on 16 April
2010, Wescoal has decided not to further pursue this transaction.
Wescoal will actively continue seeking new growth opportunities in the
future.
2 Withdrawal Of Cautionary Announcement
Shareholders no longer have to exercise caution when dealing in the
company`s securities.
Designated Adviser
Exchange Sponsors
Johannesburg
4 May 2010
Date: 04/05/2010 13:45:01 Produced by the JSE SENS Department.
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