possible questions to put to jb, page-22

another Question for meeting:
What is the truth behind Van Mag!!!??

A reminder of what we've been spun to date


From 9 May 2011 announcement

As a condition of the sale of its shares in Vanmag, Continental has received
irrevocable bank guarantees from the purchasers’ South African bank as security for the
obligation of the purchaser to pay the acquisition price. The irrevocable bank guarantees are
held by Continental's lawyers in South Africa.

From DEC2011 quarterly:

...The Company received all the outstanding necessary approvals for the sale of its interest in Vanmag to a Chinese based steel
manufacturer. Conclusion of the transaction is now just dependent upon financial settlement by the buyer. The Company has
worked closely with the buyer whilst it sought approval for the remittance of funds from China to South Africa. Settlement was
delayed during the period as a result of these outstanding approvals of the buyer. The Company has committed to working with
the buyer as it now looks to obtain the approvals necessary to complete settlement of the acquisition of Vanmag over the March
2012 Quarter.

From March 2012 Quarterly:

...The Company was advised subsequent to the Quarter’s end that the buyer had received all necessary approvals for the remittance of funds from China to South Africa. The Company is pleased with this progress and is now awaiting confirmation of settlement from its lawyers. The Company and Vanmag remains committed to working with the buyer to complete settlement of the acquisition.