CHEMICAL SPECIALITIES LIMITED - Update regarding the liquidation and continued suspension of shares

Update regarding the liquidation and continued suspension of shares

Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP &CSPP
ISIN: ZAE000109427 & ZAE000184305
("Chemspec" or "the Company")

Update regarding the liquidation and continued suspension of shares
Shareholders are referred to the announcements released on SENS on
3 August 2015, 11 September 2015 and 10 December 2015, regarding
the Company being placed into provisional liquidation on 5 August
2015. The Joint Liquidators (“Liquidators”) appointed by the Master
of the High Court Durban are: Eugene Nel, Thami Mshengu, Roselyn
Noel and Selby Ntsibane.     The Liquidators appointments were made
final on the 18th November 2015.
1.   The first liquidation and distribution (L&D)account was
     confirmed on the 6th July 2016;
2.   The first L&D account only dealt with debtors collected thus
     far, as the landlord had lodged a claim in the amount of
     R609,529,597-52, which claim the Master of the High Court had
     rejected.   As advised previously, the landlord had requested
     that we do not pay preferent and concurrent creditors and that
     we do not do a distribution on the movable assets as they
     believe that their part, or full claim constitutes a cost in
     the administration;
3.   The liquidators engaged in the services of a Quantity Surveyor,
     as did the Landlord and a consensus was reached on the value of
     the landlords claim, save and except for the Landlords
     discrepancy relating to the Bulk Storage Tanks, Water Chiller
     Plant and Reception.
4.   The liquidators have proposed a settlement and although the
     claim has not yet been settled, the liquidators intend on
     lodging the second L&D account before the end of June 2017.
5.   Shareholders are advised that the liquidation process is
     ongoing and that the trading in the shares of the company
     remains suspended.
6.   There will be no recovery for shareholders.

The statutory report, resolutions, circulars to creditors and
liquidation & distribution account can be downloaded from the
website: www.chemliq.co.za.

PIETERMARITZBURG
9 JUNE 2017

Designated Advisor:
Grindrod Bank Limited

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