Vote on Koornfontein sale end March

Shareholder approval is the last remaining condition in the transaction that will see Sentula sell its 49.998% stake in and shareholder claims against Siyanda Coal to Optimum Coal Holdings for R670m in cash.

Siyanda Coal operates the Koornfontein Coal Mine.

Since the beginning of March the company has received irrevocable undertakings from shareholders holding no less than 50% of Sentula's issued share capital to vote in favour of the Koornfontein sale.

It said its consortium of financiers had also approved the sale.

The company said the Koornfontein sale did not require the approval of the competition authorities since the Competition Tribunal has unconditionally approved of the acquisition by Optimum Coal Holdings of respectively the entire issued share capital of Dunrose Trading 191 and the entire issued share capital of Twin Cities Trading 39 - the transaction which will result in Optimum Coal Holdings acquiring control over Siyanda Coal.

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