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Sail - quarterly suspension update
In respect of the late publication of the Company's Annual Results, the Company previously had challenges appointing new auditors due to three subsidiaries within the group, Black Chrome Mine (Pty) Ltd. ("Black Chrome Mine"), Sail Resources (Pty) Ltd. and Sail Minerals (Pty) Ltd., being in Business Rescue. This was subsequently remedied and Auditors were appointed in October 2023; however, the finalisation and publication of the Interim Reports and Annual Results will remain outstanding until the finalization of the audit procedures as prescribed by IRBA. The Moore Johannesburg audit team have made significant progress on their audit verification procedures for the 2022, 2023 and 2024 financial years. The Company has also appointed an International Financial Reporting Standards expert to assist with technical queries.
The Company announced on 12 December 2025 (the "Record Date") that it will proceed with a conditional offer to repurchase (the "Repurchase" or "Offer"), on a pro rata basis, all of the ordinary shares in its issued share capital ("Shares") (excluding treasury Shares) ("Offer Shares") on the Record Date. The Offer provided that to the extent all shareholders accept the Repurchase, one shareholder would remain as a shareholder of Sail. The board of Sail simultaneously advised shareholders that it proposed terminating the listing of the Company's Shares from the AltX Board of the JSE (the "Delisting"). The Delisting is subject to the fulfilment or waiver, to the extent legally permissible, of suspensive conditions.
The proposed Delisting will be facilitated by way of the Offer. Should the Delisting Resolution be approved by shareholders at a General Meeting and the Delisting Conditions fulfilled or waived, the Company will apply to the JSE for its Delisting.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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