Historical Overview


Vierfontein Colliery is incorporated.


Vierfontein Colliery Limited is listed on the JSE Limited (JSE), formerly the Johannesburg Stock Exchange.

1961 – 2004:

Vierfontein Colliery went through a number of changes in control and migrated to the Financial Services sector of the JSE under the name Independent Financial Services Limited (IFS).


IFS disposes of all its operating entities and assets and is constituted as a “cash shell” on the JSE.


IFS is acquired by a consortium of investors and changes its name to DNR Capital Limited (DNR) and is transferred to the Equity Investment Instruments section of the main board of the JSE.

January 2008:

DNR issues 100 million new DNR ordinary shares and raises an additional R100 million capital.

October 2008:

DNR changes its name to Andulela Investment Holdings Limited (Andulela). An effective 42% stake in Kilken Platinum (Pty) Limited (Kilken) is reversed listed into Andulela by Jonah Mining (Pty) Limited who becomes the controlling shareholder of Andulela. Andulela issues an additional 285 million new Andulela ordinary shares for R285 million additional capital. Andulela also issues 75 million new cumulative redeemable preference shares in favour of Jonah Mining.

October 2009:

Abalengani Platinum Holdings (Pty) Limited exercises a put option, for the acquisition by Andulela, of the remaining 42% effective stake in Kilken.

November 2009:

Jonah Mining sells all of its ordinary and preference shares as well as claims on loans in Andulela to Newshelf 1005 (Pty) Limited who becomes the new controlling shareholder of Andulela.

May 2010:

Andulela issues 3,531 million new ordinary shares as purchase consideration for the remaining 42% effective stake in Kilken thus increasing its total effective shareholding in Kilken to 84%.