Liberty Coal Press Statement \u2013 9 May 2025<\/strong><\/h2>\n\n\n\nLiberty Coal has been provided with a copy of a media release dated 8 May 2025 titled \u201cMantengu files criminal complaint against JSE executives, Moti and Gupta associates: subpoenas FSCA over alleged share manipulation concerns\u201d and a 19-page pdf document titled \u201cSummary of Criminal Complaint\u201d. This information was communicated to Liberty Coal\u2019s legal advisors by a journalist around 8pm on 8 May 2025.<\/p>\n\n\n\n
Liberty Coal has since had several requests by various journalists for comments on the contents of these documents. In the limited time available, and having read the various allegations made by Mr Miller, Liberty Coal\u2019s position, simply and briefly, is that Mr Miller, the CEO of Mantengu, is a delusional fantasist who has, for what can at its kindest only be ascribed to some form of unhinged narcissism, allowed his personal failings in that position to lead him down a rabbit-hole of baseless allegations concerning Mantengu\u2019s parlous share performance. Perhaps he needs to seek appropriate medical advice, support or supervision for his condition.<\/p>\n\n\n\n
Mr Miller, on behalf of Mantengu, seemingly solely based on inferences he has chosen to draw without a shred of factual evidence, has however chosen to make far-reaching and defamatory allegations not merely of untoward but criminal conduct by various parties, including Liberty Coal, which can cause serious financial and reputational harm to those he has targeted. Liberty Coal, and no doubt others, will be seeking full redress in law from both him personally and Mantengu for such harm. Regrettably, it will ultimately also be the shareholders in Mantengu that suffer when Mr Miller\u2019s delusional fantasies are proven to be just that.<\/p>\n\n\n\n
Mr Miller and\/or Mantengu furthermore claim to have lodged a formal criminal complaint against what is said to be a syndicate \u201cfronted\u201d by, among others, Liberty Coal but has provided no further details in that regard. By leaking his alleged criminal complaint to the media, he attempts to both bypass and pre-empt legal due process, seemingly without proper or any care for the consequences of his conduct.<\/p>\n\n\n\n
Simply put, Liberty Coal, as the owner of the Optimum Colliery coal mining complex, neither trades in nor mines chrome, has no interest in Mantengu, its business or Mr Miller, and before Mr Miller during 2024 chose to develop his current fiction to explain the poor performance of Mantengu\u2019s share price, was not even aware of its existence. Certainly, either then or now, it has had no interest in its shares, share price or business activities.<\/p>\n\n\n\n
It is apparent to Liberty Coal that Mr Miller is perfectly capable on his own, without any involvement of Liberty Coal, to ruin Mantengu\u2019s business, and to destroy any remaining shareholder value if simply left to his own devices.<\/p>\n\n\n\n
Mr Miller\u2019s delusional fantasies boil down to the fact that he believes that Mantengu\u2019s announcement of its intended acquisition of Blue Ridge should have been viewed positively by the market, resulting in its share price \u2013 then c.R140\/share \u2013 increasing. He is now left clutching at straws and blaming the world, as since Mantengu acquired Blue Ridge its share price has steadily declined to a recent low of c.0.45 cents.<\/p>\n\n\n\n
It is clear from a cursory look at Mantengu\u2019s historic share price and traded volumes that the market has no similar belief in either Mantengu\u2019s management, its business strategy or both.<\/p>\n\n\n\n
Much is made by Mantengu of Mr Bester\u2019s and\/or Liberty Coal\u2019s apparent desire to acquire Blue Ridge, a failed platinum and PGM mine previously owned by Ridge Mining and which ultimately ended up in Sibanye\u2019s hands. A simple check with Sibanye would have confirmed to him that Liberty Coal, having initially expressed interest in Blue Ridge as a potential acquisition by SEAM to bolster its working asset portfolio, formed the view in May 2023 that it was not financially viable. As such Liberty Coal has had no interest in the Blue Ridge project, directly or indirectly, ever since.<\/p>\n\n\n\n
Liberty Coal will afford Mr Miller and Mantengu the opportunity until close of business on Monday 12 May 2025 to formally and publicly retract its allegations and tender an apology to Liberty Coal. The allegations against Mr Bester are being defended by him in his personal capacity. As indicated above, Liberty Coal intends shortly instituting such further legal actions against Mr Miller and Mantengu for defamation, including appropriate damages, an urgent interdict to stop further defamatory comments being made and crimen injuria, as it has been advised.<\/p>\n\n\n\n
\n\n\n\nJSE response \u2013 9 May 2025<\/h2>\n\n\n\n
The JSE, as licensed exchange, is bound by and must adhere to the provisions of the Financial Markets Act. An important provision of the Financial Markets Act is section 73 which prohibits the JSE from disclosing confidential information to third parties. Our response is therefore limited to information that we may lawfully share with you, and we hope that it will be of assistance.<\/p>\n\n\n\n
At the outset the JSE denies that it was a party to, or \u201ccomplicit\u201d in, any form of illegal or unlawful activity. The allegations made by Mantengu in this respect are false and rejected.<\/p>\n\n\n\n
The JSE upholds the highest standards of market integrity, transparency, and investor protection by enforcing rigorous listing requirements and exchange rules, monitoring trading activities, and ensuring fair and orderly markets. The JSE works closely with the Financial Sector Conduct Authority (FSCA) and other regulatory bodies to detect and deter market abuse, support corporate governance, and maintain public confidence in the financial markets.<\/p>\n\n\n\n
The criminal complaint<\/strong><\/p>\n\n\n\n\n- The JSE has considered the allegations made by Mantengu in its \u201cSummary of Criminal Complaint\u201d.<\/li>\n<\/ol>\n\n\n\n
\n- The allegations in the summary which are directed at the JSE, and its employees, officers and executives are false and without any merit. Notably there are no direct facts alleged, or supporting documents attached, which relate to the alleged unlawful conduct of the JSE, its executives, officers and\/or employees. The JSE acted lawfully, correctly and strictly in accordance with its regulatory responsibilities and its executives, officers and\/or employees were not involved or complicit in any criminal activity.<\/li>\n<\/ol>\n\n\n\n
\n- Further, false allegations and statements made by Mantengu do not form the basis for an investigation by the authorities nor will, or could it ever result in criminal charges being proffered against any of the JSE executives, officers and\/or employees. Even a cursory examination of the relevant facts will clearly indicate that the contents of the \u201ccriminal complaint\u201d insofar as it relates to the JSE\u2019s involvement are vexatious and without any merit.<\/li>\n<\/ol>\n\n\n\n
\n- The JSE will provide the prosecuting authorities with its assistance and any information that it may require to deal with the criminal complaint. The JSE has full confidence in the safeguards enshrined in the Constitution that protect innocent individuals against false accusations and malicious and unfounded criminal complaints. <\/li>\n<\/ol>\n\n\n\n
\n- Mantengu has previously complained to the JSE about alleged share price manipulation. These allegations were carefully considered by the JSE through the review of the trading activity in Mantengu shares. Either no evidence of possible price manipulation warranting a referral to the FSCA by the JSE was identified through these reviews, and the finding was conveyed to Mantengu, or the relevant trading activity is the subject of an ongoing investigation by the FSCA. <\/li>\n<\/ol>\n\n\n\n
\n- The JSE also informed Mantengu that if believed that there had been manipulation of its share price it could approach the FSCA directly, as the appropriate body, to investigate its complaint, which Mantengu did.<\/li>\n<\/ol>\n\n\n\n
\n- At the instance of Mantengu, the FSCA is investigating certain allegations of share price manipulation and the JSE has co-operated fully with the FSCA in its investigation. The JSE has provided the FSCA with all of the necessary information in respect of the share trades which Mantengu suggests constitute a manipulation of its share price. <\/li>\n<\/ol>\n\n\n\n
\n- The JSE will await the outcome of the FSCA investigation.<\/li>\n<\/ol>\n\n\n\n
The JSE\u2019s obligation to ensure a fair and efficient market in the securities listed and traded on its exchange<\/strong><\/p>\n\n\n\n\n- It is of critical importance for the proper functioning of the JSE\u2019s market that settlement of all transactions concluded on its exchange is effected in terms of the rules. The JSE rules contain extensive provisions dealing with the mechanisms and actions that the JSE may (and must) take to ensure settlement. Failed trades are detrimental to a proper functioning market and negatively impact the confidence of investors in the South African financial markets.<\/li>\n<\/ol>\n\n\n\n
\n- There is nothing unusual or unlawful in the JSE\u2019s concluding securities lending and borrowing arrangements with market participants to ensure that settlement takes place. Although the JSE is prohibited by statute from sharing the specific information with you in respect of transactions in securities traded on the JSE\u2019s market and the JSE\u2019s actions to ensure settlement, we reiterate and confirm that the JSE acted lawfully and strictly in accordance with the provisions of its rules and its regulatory responsibilities.<\/li>\n<\/ol>\n\n\n\n
\n- The JSE\u2019s lawful actions to ensure settlement of transactions on its exchange were necessary for the proper and efficient functioning of its market and did not facilitate an \u201cunmatched illegal naked short\u201d, or another type of unlawful transaction.<\/li>\n<\/ol>\n\n\n\n
\n- Without commenting on any specific transactions, it is also important to note that when the JSE concludes securities lending and borrowing transactions with market participants, these transactions do not in themselves imply that the market participant who is borrowing securities through the JSE was executing a short sale of the relevant shares. There are instances where market participants own the securities that they are selling but they experience administrative challenges in ensuring that the securities are available to be delivered on the settlement date.<\/li>\n<\/ol>\n\n\n\n
\n- In these instances, the seller may need to borrow the securities through the JSE to facilitate the settlement of the sale. It is therefore speculative and irresponsible to assume that a seller has executed a short sale merely because securities needed to be borrowed to settle the sale transaction, and that a securities lending and borrowing arrangement through the JSE implies that the relevant sale was either an \u201cillegal naked short\u201d sale or an \u201cextremely peculiar\u201d short sale.<\/li>\n<\/ol>\n\n\n\n
Mantengu\u2019s SENS Announcement<\/strong><\/p>\n\n\n\n\n- The JSE does not approve SENS announcements, nor does it verify that the contents of SENS announcements are correct and accurate prior to their publication by an issuer.<\/li>\n<\/ol>\n\n\n\n
\n- It is the responsibility of the issuer and its sponsor\/designated adviser to ensure that SENS announcements comply with the applicable listings requirements prior to release and are correct and accurate.<\/li>\n<\/ol>\n\n\n\n
\n- The listings requirements impose obligations on issuers and their sponsors\/designated advisers to ensure that they only publish announcements on SENS that contain relevant company information, being price sensitive information and announcements that are specifically required in terms of the listings requirements.<\/li>\n<\/ol>\n\n\n\n
\n- In cases where there is doubt, sponsors\/designated advisers may approach the JSE in advance of the release of an announcement for guidance on the contents of a SENS announcement. In such a case the JSE will advise on the necessity of the publication of the information but not on the accuracy of the information.<\/li>\n<\/ol>\n\n\n\n
\n- Mantengu\u2019s advisors approached the JSE in connection with a proposed SENS announcement during February 2024 which contained allegations of share price manipulation. The JSE advised Mantengu\u2019s advisors that the proposed announcement did not comply with the terms of the Listing Requirements and therefore could not be released on SENS.<\/li>\n<\/ol>\n\n\n\n
\n- The JSE was not approached by Mantengu\u2019s designated advisor in respect of the most recent SENS announcement that has been published. The JSE is considering the contents and publication of that announcement and will engage with the Company and its designated adviser to consider and assess whether the contents and publication of the announcement comply with the listings requirements.<\/li>\n<\/ol>\n\n\n\n
We trust that what is set out above is of assistance to you and explains the JSE\u2019s position.<\/p>\n\n\n\n
We repeat that the JSE is unable to respond to the detail of all the allegations because of the confidentiality provisions that bind it. It follows that where the JSE has not specifically dealt with allegations that does not mean the JSE agrees with those allegations.<\/p>\n\n\n\n
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