EVRAZ HIGHVELD STEEL & VANADIUM LTD - Report in terms of S132(3) (a) of the Companies Act

Report in terms of S132(3) (a) of the Companies Act

EVRAZ Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld” or “the Company”)



REPORT IN TERMS OF S 132(3)(a) OF THE COMPANIES ACT NO.71 OF 2008

Shareholders are advised that the Joint Business Rescue Practitioners
have prepared a business rescue update report for June 2016 to the
Companies    and    Intellectual   Property      Commission   and    to   all   Affected
Persons in terms of Section 132(3) (a) of the Companies Act, 71 of
2008.



The Report


The content of the Report is as follows:

1. Introduction
   1.1.       The business rescue proceedings of the Company have not
              been     concluded   within     three     months      of    the   date     of
              commencement thereof, and therefore this update report is
              being tabled in terms of section 132(3)(a) of the Companies
              Act 71 of 2008 (“Act”).
   1.2.       It is important to read this report in conjunction with the
              Business Rescue Plan (“Plan”) and previous update reports.



2. Update on Business Rescue Proceedings
   2.1.      The joint BRPs are proceeding in terms of the wind-down
             contemplated in Proposal 3 of the Plan.
   2.2.      A     further   general   meeting    of   affected     persons     has    been
             convened for 11 July 2016 to provide affected persons with
             an update on the business rescue proceedings and to discuss
             the way forward.



3. Proof of Claims
   3.1.       The claims submission period has closed.



                                                                                          1
   3.2.        Creditors are currently being informed on a) whether their
               claim has been accepted and b) the quantum of such claim.
   3.3.        Please   refer    any   questions   or   queries   relating   to   your
               claim to evrazhighveld@matusonassociates.co.za


4. Litigation
  There has been no change since the last update report to affected
  persons save for action proceedings instituted by Eriez Magnetics
  (Pty)   Ltd    against   the    Company   in     respect   of   a   reservation   of
  ownership claim.       The joint BRPs have defended these proceedings and
  will furnish further updates in future reports.




5. Suggested Way Forward

  In terms of the adopted Plan, the business rescue is proceeding in
  accordance with Proposal 3, i.e. the wind-down of the Company.




6. Conclusion
   It is the joint BRPs view that Proposal 3 will result in a better
   outcome for all affected persons than in a liquidation.




eMalahleni
22 June 2016


J.P. Morgan Equities South Africa (Pty) Ltd.


Sponsor




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