Wescoal CEO Andre Boje
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – A steadfast Wescoal on Wednesday reacted firmly to stave off negative news reports by restating that an offer made for the company had been taken off the table after conditions could not be met and simultaneously reconfirmed its oft-stated position of wanting to increase its black shareholding to 50 plus one per cent to take full advantage of market requirements and be part of the dynamics of transforming South African mining.
Wescoal chairperson Robinson Ramaite reiterated that the offer process, which independent board members had managed, was withdrawn after certain conditions could not be met.
He also outlined how the board had appointed an adviser to take the company towards a 51% black economic-empowerment structure, in keeping with a resolution adopted by the company in March last year.
A request from certain shareholders for a shareholders meeting was currently under consideration and, in the interim, the status of the board was validated as being firmly intact and able to function and execute its duties.
“I would like to assure shareholders, suppliers and all other stakeholders that this process has no impact on the company’s operations,” Ramaite emphasised, adding that the board had seen no need to comment further on the offer for the company, as a Stock Exchange News Service announcement had been issued in keeping with requirements of good corporate governance and JSE listing requirements.
Main-board-listed Wescoal, with CEO Andre Boje at the helm, mines, processes, supplies, sells and distributes coal.