Market update
W G WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
(Share Code: WEA ISIN Code: ZAE000078002)
(“Wearne” or “the Company”)
Market update
Wearne would like to provide shareholders with an update on the Company and the lifting of its
suspension on the JSE.
Wearne has been suspended since July 2018 as a result of not releasing its financial statements.
The Company has been unable to publish its financial statements for the years ended 28 February 2018,
2019, 2020 and 2021 (“outstanding financial information”) until the completion of the restructuring plan.
The restructuring plan entails the following:
• down scaled the Ready Mix business with the closure of a number of plants;
• As announced on SENS on 5 December 2019, Wearne decided to sell its loss-making
Muldersdrift Business to Drift Supersand (Pty) Limited, which forms part of CIG Limited,
a listed company on the JSE for R9 million, which transaction was completed in January
2020. Wearne also entered into an agreement with Drift Supersand (Pty) Limited to lease
the Muldersdrift property for a three year period;
• The Company used the proceeds of the sale of the Muldersdrift business to settle a
portion of the Absa debt and entered into a settlement agreement with Absa for the
balance;
• The Company entered into a settlement and restructure agreement with the Industrial
Development Corporation of South Africa in April 2021; and
• The disposal of the Muldersdrift property and mining right (“Muldersdrift disposal”) is
actively being pursued.
• Once the Muldersdrift disposal has been completed and funds received, the restructuring
plan will be completed.
Progress with publishing the outstanding financial information:
• Wearne appointed Norman Stefan Janse van Rensburg, its Chief Financial Offer from 1
February 2021. One of his priorities is to assist with the process of finalising the
outstanding financial information;
• HLB CMA South Africa Inc were appointed as auditors on 22 September 2021 to complete
the audit of the outstanding financial information; and
• Wearne expects to release its audited outstanding financial information by 28 February
2022 and will then apply to lift its suspension on the JSE.
Shareholders will be kept up to date in this regard.
9 November 2021
Randfontein
Designated Adviser
Exchange Sponsors
Date: 09-11-2021 09:11:00
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