Gencor - COMPANY ANNOUNCEMENT
Gencor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/001232/06)
Share Code: GMF ISIN: ZAE000013066)
("Gencor" or "the company")
COMPANY ANNOUNCEMENT
Gencor has noted the contents of comments reportedly made by the
Minister of Minerals and Energy, Ms Phumzile Mlambo-Ngcuka, regarding
the litigation concerning Gencor`s proposed unbundling of its shares in
Impala Platinum Holdings Limited.
Gencor has also noted the further comments reportedly made by the
Minerals and Energy director general, Sandile Nogxina, and the
departmental spokesman, Kanyo Gqulu, who are quoted as saying that the
department had tried unsuccessfully to talk to Gencor regarding the
rehabilitation of asbestos mining sites.
While Gencor does not know whether the Minister or her officials have
been correctly reported, Gencor is a publicly listed company and the
remarks made are creating uncertainty in the market. The company
therefore has a responsibility to set the record straight.
Gencor was contacted in September 2002 by the Minister`s office for a
copy of its unbundling circular, which the company duly delivered.
Gencor has no record of any other recent attempt by the Minister`s
office, or the Department of Minerals and Energy, to contact the
company.
There has been no contact between Gencor and the department on the issue
of rehabilitation for many years. Gencor`s interests in asbestos mining
companies were disposed of in 1988 and Gencor has had no links to those
companies for the past 14 years.
Gencor has received no claims to date regarding rehabilitation costs.
However, as stated in the circular posted to shareholders on 16
September 2002, Gencor has received a letter from lawyers acting for
potentially interested parties alleging that Gencor may have some
liability in relation to the potential inadequate rehabilitation
(allegedly undertaken by the Griqualand Exploration and Finance Company
Limited ("Gefco") and/or other parties) of a site in the North West
Province. Lawyers acting for Gencor procured a copy from Government of
its inspection of the site. The inspection involved Gefco and not
Gencor. Having taken legal advice on the issue, the Gencor board is of
the view that Gencor is not liable for any such rehabilitation costs.
Date: 02/10/2002 05:38:36 PM Produced by the JSE SENS Department
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