SIM - Simmer & Jack Mines Limited - Fulfilment of conditions precedent in
SIM
SIIF
SIM - Simmer & Jack Mines, Limited - Fulfilment of conditions precedent in
relation to the disposal of Transvaal Gold Mining Estates Limited and
reclassification as a cash shell
Simmer & Jack Mines, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM
ISIN Code: ZAE000006722
("Simmers" or "the company")
FULFILMENT OF CONDITIONS PRECEDENT IN RELATION TO THE DISPOSAL OF TRANSVAAL
GOLD MINING ESTATES LIMITED AND RECLASSIFICATION AS A CASH SHELL
Shareholders are referred to the announcements released on SENS relating to
the sale of Transvaal Gold Mining Estates Limited ("TGME"), the last of which
was released on 15 February 2012 ("the Disposal").
In this regard, shareholders are advised that all conditions precedent to the
Disposal have now been fulfilled.
To the extent that any application to the Department of Mineral Resources in
respect of Sabie Mines (Proprietary) Limited ("Sabie") or TGME is
outstanding, Stonewall (Proprietary) Limited ("Stonewall") undertakes to
continue with such application at their cost and have indemnified Simmers in
this regard.
Accordingly the Disposal became effective on 15 June 2012, and Simmers will
be reclassified as a cash shell in terms of the JSE Limited Listings
Requirements with effect from the commencement of trade on 19 June 2012.
Simmers does however, intend retaining the listing and growing the company
aggressively via well placed acquisitions. The company is currently in the
process of finalising its strategy with a specific focus on mining services;
and possibly mining investments in highly prospective areas in the Southern
region of Africa. Simmers does have a priority opportunities list, which is
under consideration. Shareholders will be advised of developments in this
regard.
Johannesburg
18 June 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 18/06/2012 16:14:01 Produced by the JSE SENS Department.
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