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SNU
SNU
SNU - Sentula Mining - Failure of a condition precedent to the exchange of
shares agreement
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN:ZAE000107223
("Sentula")
FAILURE OF A CONDITION PRECEDENT TO THE EXCHANGE OF SHARES AGREEMENT
Shareholders are referred to the detailed terms announcement released on SENS
on 21 April 2011, the announcement relating to the posting of the circular to
the shareholders of Sentula released on SENS on 19 May 2011 and the exchange
of shares agreement concluded between Sentula and Shanduka Resources
(Proprietary) Limited ("Shanduka Resources") on 20 April 2011, as amended
("Exchange of Shares Agreement").
The Exchange of Shares Agreement is subject to a number of conditions
precedent, including the approval of the exchange of shares by the
shareholders of Shanduka Group (Proprietary) Limited ("Shanduka Group").
Sentula has been advised by Shanduka Group that its shareholders have not
approved the exchange of shares and will not approve the exchange of shares
by 30 June 2011, being the last date for fulfilment of the said condition.
Sentula has also been advised by a senior executive of Shanduka Resources
that the shareholders of Shanduka Group have approved the acceptance of an
alternative offer for Shanduka Resources` coal assets.
Shareholders are accordingly advised that, unless the shareholders of
Shanduka Group approve the exchange of shares on or before midnight on 30
June 2011, the operative provisions of the Exchange of Shares Agreement will
not become of any force and effect and the exchange of shares will not be
implemented.
Johannesburg
28 June 2011
Investment Bank and Transaction Sponsor to Sentula
Standard Bank
Sponsor to Sentula
Merchantec Capital
Legal Adviser to Sentula
Cliffe Dekker Hofmeyr Incorporated
Investor Relations for Sentula
College Hill
Date: 28/06/2011 17:50:01 Produced by the JSE SENS Department.
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