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WSL
WSL
WSL - Wescoal Holdings Limited - On-going legal dispute with Sutha and
BSM Mining
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")
ON-GOING LEGAL DISPUTE WITH SUTHA AND BSM MINING
Shareholders are referred to the various announcements commencing on 6
July 2011 to 4 November 2011 regarding legal disputes with Sutha Civils
("Sutha") and BSM Mining (Pty) Limited ("BSM Mining").
Shareholders are reminded of the order and outcome of events so far:
1) On 6 July 2011, Sutha applied for the liquidation of Wescoal Mining;
2) On 20 July 2011, Wescoal and Wescoal Mining filed a motion in
respect of an urgent application to set aside Sutha`s liquidation
application;
3) On 28 July 2011, the South Gauteng High Court granted an order to
interdict Sutha from continuing to make unsubstantiated and
derogatory statements in respect of Wescoal and Wescoal Mining and
the court found Sutha`s actions and statements were unsubstantiated,
malicious, groundless and devoid of the truth;
4) On 2 August 2011, the North Gauteng High Court granted an order in
favour of Wescoal and Wescoal Mining against Sutha. The order set
aside Sutha`s application for the liquidation of Wescoal Mining with
costs.
5) On 27 October 2011, BSM Mining applied to the North Gauteng High
Court for the liquidation of Wescoal Mining; and
6) On 3 November 2011, Wescoal applied to the North Gauteng High Court
to set aside the above application. Regrettably the judge ruled that
application is not urgent and that the matter should take its normal
course through the Court.
On 16 November 2011 Sutha applied to the North Gauteng High Court to
firstly join in BSM Mining`s Liquidation Application of 27 October 2011
and secondly to itself apply for the liquidation of Wescoal Mining under
the same case number as the application on 27 October 2011 . The
application relates to inter alia a claim of R95, 9 million (which is
disputed) based on the loss of income for the remainder of the contract;
costs incurred on the establishment and de-establishment of machinery and
retrenchment costs incurred.
Wescoal Mining has instructed its legal team to oppose the application as
it believes the application is totally unfounded and malicious and has no
prospect of succeeding.
Management`s assertions that Sutha and BSM Mining are acting in concert
to embarrass and harass Wescoal and elicit shareholder and other
interested party concerns has now been confirmed even though the parties
swore previously under oath they were not acting in concert.
The board of Wescoal is committed to ensuring that these on-going legal
disputes do not interfere with the smooth running of operations of the
company.
Shareholders will be made aware of any future developments.
17 November 2011
Johannesburg
Sponsor
Exchange Sponsors
Date: 17/11/2011 15:31:01 Produced by the JSE SENS Department.
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