SALUNGANO GROUP LIMITED - Conclusion of Standstill Agreement and Notification of Further Delay in Publication of Financial Results

Conclusion of Standstill Agreement and Notification of Further Delay in Publication of Financial Results

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG  ISIN: ZAE000306890
("Salungano Group" or "the Company")


CONCLUSION OF STANDSTILL AGREEMENT AND NOTIFICATION OF FURTHER DELAY
IN PUBLICATION OF FINANCIAL RESULTS

Conclusion of Standstill Agreement

Shareholders are hereby advised that the Company has concluded a standstill agreement with
its lenders, Nedbank and Standard Bank, on 26 August 2025, in terms of which the lenders
have agreed to standstill on their legal rights, provided the Company complies with the
repayment and other terms of the agreement. The Company has been in breach of its loan
facilities since 21 June 2023 when it was unable to secure a refinancing agreement with its
lenders.

As reported in our unaudited FY2024 Interim Financial Results on 29 October 2024, the
outstanding balance on the Revolving Credit Facility ("RCF") was R396 million as at
30 September 2023, and the General Banking Facilities ("GBF") limit was R90 million. The
RCF balance has subsequently reduced to R373 million as at 31 March 2024 (GBF Facilities
limit R90 million), and further reduced to R153 million at 31 July 2025 (GBF Facilities limit R80
million).

The main terms of the standstill agreement provide for a monthly repayment of R20 million
and a further repayment of R10 million at the end of each calendar quarter. The facilities are
expected to be fully settled around June 2026.

The above information has not been reviewed and reported on by the Company´s external
auditors.

Delay in the Publication of audited financial results for the year ended 31 March 2024
("FY2024 financial results"), the interim results for the six months ended 30 September
2024 and the audited financial results for the year ended 31 March 2025 ("FY2025
financial results")

The Company is progressing well with finalising its financial reporting and an updated
indicative timeline for the publication of the FY2024 and FY2025 financial results will be
communicated to shareholders as soon as practicable.

The Company remains committed to compliance with the JSE Listings Requirements and will
provide further updates as required.


Johannesburg
27 August 2025

Sponsor
Merchantec Capital

Date: 27-08-2025 04:20:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.