| Tue 12 Oct 2010, 17:00 | | SAH - SACMH - Update in Respect of Mandatory Offer; Further Cautionary |
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SAH
SAH
SAH - SACMH - Update in Respect of Mandatory Offer; Further Cautionary
Announcement; and New Financial Director and Company Secretary
South African Coal Mining Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1994/009012/06
Share code : SAH & ISIN : ZAE000102034
("SACMH" or "the company")
- UPDATE IN RESPECT OF MANDATORY OFFER;
- FURTHER CAUTIONARY ANNOUNCEMENT; AND
- NEW FINANCIAL DIRECTOR AND COMPANY SECRETARY
1. Mandatory offer
Shareholders are referred to the previous update issued on 27 August 2010.
The Minister of Trade and Industry has not yet appointed new members of the
Securities Regulation Panel ("SRP") in terms of the Companies Act, 1973.
The hearing of the appeal can therefore not proceed.
Under the circumstances JSW Energy Natural Resources South Africa (Pty)
Limited ("JSW") has, subject to the approval of the SRP, decided to proceed
with an offer of 30 cents per share. Should the SRP in due course rule that
the comparable offer price should have been more than 30 cents per share,
JSW will pay the amount per share in excess of the 30 cents per share
already paid, to those shareholders who accept the offer.
The offer and circular to shareholders are currently being prepared and
will have to be approved by the SRP and the JSE before being issued.
2. Further cautionary announcement
Although the trading in the company`s shares on the JSE remains suspended,
shareholders are advised to continue exercising caution when dealing in the
company`s securities until a further announcement is made in respect of the
offer.
3. New financial director and company secretary
Mr Grant Scrutton resigned as Chief Executive Officer with effect from 31
August 2010. The Nominations Committee is interviewing candidates and hopes
to announce the name of his successor soon. In the meantime the chairman,
Mr Thabo Mokgatlha, acts as CEO.
Mr David Miller, B.Comm, Dip. Acc, CA (SA), has been appointed as financial
director with effect from 1 October 2010. He has been the financial
director of various private companies over the past 15 years.
Ms Patricia Smit, FCIS, B.Iuris, has been appointed as company secretary
with effect from 1 October 2010. She has more than 20 years` experience as
company secretary of listed and unlisted companies. She has post graduate
diplomas in Company Law and Corporate Governance.
12 October 2010
Johannesburg
Sponsor
Exchange Sponsors
Date: 12/10/2010 17:00:02 Produced by the JSE SENS Department.
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