WSL
WSL
WSL - Wescoal Holdings Limited - Wescoal intends opposing application to
liquidate a subsidiary
WESCOAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE Share code: WSL ISIN: ZAE000069639
("Wescoal" or the Company)
WESCOAL INTENDS OPPOSING APPLICATION TO LIQUIDATE A SUBSIDIARY
Shareholders are referred to Wescoal`s financial results published on Sens on
29 June 2011 ("results announcement") and the announcement on 14 March 2011
relating to a legal dispute with a disgruntled contractor Sutha Civils (Pty)
Limited ("Sutha"). In the results announcement Wescoal indicated that:
* Sutha has not launched any action to substantiate and demand the money
they have publically claimed in March 2011;
* Wescoal did approach the court in March 2011 to interdict Sutha from
continuing to make unsubstantiated and derogatory statements to the
media. An interim order was granted and should be made final during
August 2011; and
* whilst legal opinion suggests any potential claim has limited chance of
success, provisions have been made for this eventuality.
Shareholders are advised that on 6 July 2011 Sutha served papers on Wescoal
Mining (Pty) Limited ("Wescoal Mining"), a wholly owned subsidiary of Wescoal,
applying for the liquidation of Wescoal Mining ("the application").Wescoal
Mining has instructed its legal team to oppose the application as it believes
the application is totally unfounded, malicious and has no prospect of
succeeding.
Wescoal considers the application an abuse of the process of the courts, by
Sutha not first proving their claim in court and may launch an application to
stay the liquidation application.
7 July 2011
Johannesburg
Sponsor
Exchange Sponsors
Date: 07/07/2011 09:00:01 Produced by the JSE SENS Department.
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