| Fri 30 Mar 2012, 14:44 | | SAH - South African Coal Mining Holdings Limited - Trading Update and BEE |
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SAH
SAH
SAH - South African Coal Mining Holdings Limited - Trading Update and BEE
Transaction
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")
TRADING UPDATE AND BEE TRANSACTION
Trading Update
In terms of the Listings Requirements of the JSE Limited ("JSE"), companies are
required to publish a trading statement as soon as they are satisfied that a
reasonable degree of certainty exists that the financial results for the period
to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.
All indications are that the company`s provisional results for the year ended 31
December 2011 will be more than 20% weaker than the results for the previous
corresponding period.
The company`s provisional results for the year ended 31 December 2011 which are
to be completed by 31 March 2012 as required by JSE, are likely to be delayed
due to the following reasons:
As mentioned in SACMH`s 2010 annual report issued in August 2011, the company
had embarked upon a comprehensive resource evaluation exercise. This exercise
undertaken by the company was completed in January 2012 and SRK Consulting
("SRK") were engaged to complete a Competent Persons Report ("CPR"), which would
include inter alia an updated reserves and resources statement. The CPR is
expected in April 2012, the implications of which will need to be reflected in
the results. Provisional indications are that there may be substantial changes
compared to the position in SRK`s previous report released in 2008, specifically
with reference to the reserves and resources positions. These changes may
result in an impairment charge; the nature and extent of this charge will be
determined upon receipt of the final CPR. The impact of these changes will also
need to be comprehensively reviewed and investigated by the management and Board
of SACMH.
At this stage the company`s auditors are in the process of completing the audit
of the company`s provisional results for the year ended 31 December 2011, which
can effectively only be completed upon finalization of the CPR by SRK.
The final audited results will subsequently need to be adopted by the Board of
SACMH. Comprehensive efforts are being applied to ensure that these processes
are completed as early as possible.
BEE Transaction
Shareholders are referred to the announcement made on 7 November 2011 on SENS,
in which it was inter alia stated that the company intended to commence a
process to reinstate its BEE shareholding. JSW Energy Natural Resources South
Africa (Pty) Limited ("JSW"), the majority shareholder of the company, is
engaged in running a formal process to reinstate a BEE shareholding, from
potential acquirers who have expressed firm interest to acquire a minimum
strategic interest in SACMH from JSW.
30 March 2012
Johannesburg
Sponsor
Exchange Sponsors
Media contact:
Renay Tandy
NGAGE Public Relations
011 867 7763
082 562 5088
renay@ngage.co.za
Date: 30/03/2012 14:44:01 Produced by the JSE SENS Department.
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