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  • The Group is classified as a service provider to the mining industry and as such falls under the requirements of the DTI Codes as opposed to the requirements of the Mineral and Petrol Resource Development Act (“MPRDA”). The Group is currently a level -5 contributor (independently assessed by Amex Trust) and is actively working to a level -4 contributor by 31March 2012. 
  • The group’s direct beneficial BEE shareholding is only approximately 4%, following the sale by the Jonah Capital consortium on their interest in 2008,  but in recognition of the importance of an increased direct shareholding and in so doing aligning the group with the requirements of the MPRDA, the group embarked on a strategy of seeking an appropriate BEE partner. Substantial progress has been made in this regard and the group issued a cautionary announcement on 4 March 2011 alluding to discussions that may affect the group’s share price.
  • In essence, the envisaged transaction involves the sale of certain coal assets to Sentula in exchange for shares in the company. The effect of this transaction will be that Sentula will probably be controlled by a broad based and credible HDSA consortium. Should you require more specific details of the envisaged transaction, we will gladly provide further details, subject to signature of a confidentiality agreement as the transaction details are deemed to be price sensitive information in terms of the Security Services Act. It is envisaged that Sentula will be in a position to make an announcement on the transaction in April and that the transaction will become effective in July 2011

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