SNU - Sentula Mining Limited - Cautionary announcement relating to a proposed
SNU
SNU
SNU - Sentula Mining Limited - Cautionary announcement relating to a proposed
broad-based black economic empowerment transaction
SENTULA MINING LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1992/001973/06)
Share code: SNU ISIN No. ZAE000107223
("Sentula" or "the Company" )
CAUTIONARY ANNOUNCEMENT RELATING TO A PROPOSED BROAD-BASED BLACK ECONOMIC
EMPOWERMENT TRANSACTION ("PROPOSED B-BBEE TRANSACTION")
Shareholders of Sentula ("Shareholders") are advised that the Company has
entered into discussions regarding a Proposed B-BBEE Transaction which will
involve Sentula employees, a community trust and a strategic B-BBEE partner
(collectively "the B-BBEE Shareholders").
The Proposed B-BBEE Transaction will be implemented by way of a vendor financed
structure, pursuant to which the B-BBEE Shareholders will acquire a direct
equity interest in certain of Sentula`s South African mining services businesses
which do not already have empowerment equity ownership in place.
Following the implementation of the Proposed B-BBEE Transaction, the relevant
South African mining services businesses will have an effective black ownership
of more than 25% as measured in terms of the DTI Codes of Good Practice on Broad
Based Black Economic Empowerment. This will not only improve the affected
entities contributor status, as measured under the DTI Codes of Good Practice,
but will also enhance the Company`s competitiveness, with respect to tendering
and retaining contracts in the South African mining sector.
The Proposed B-BBEE Transaction may have a material effect on the price of the
shares of the Company. Accordingly, Shareholders are advised to exercise caution
when dealing in their shares until a further announcement, setting out the full
terms of the Proposed B-BBEE Transaction, is made.
Johannesburg
28 October 2011
Investment bank and transaction sponsor
Standard Bank
Sponsor
Merchantec
IR Advisors
College Hill
Date: 28/10/2011 09:00:01 Produced by the JSE SENS Department.
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