EVRAZ HIGHVELD STEEL & VANADIUM LTD - Report in terms of S 132 (3) (a) of the Companies Act No. 71 of 2008

Report in terms of S 132 (3) (a) of the Companies Act No. 71 of 2008

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 February and March
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. A copy of the report is available at:


http://www.evrazhighveld.co.za/BusinessRescue/Evraz%20Highveld%20Steel%20and%20Vanad
ium%20Limited%20(February%202016%20and%20March%202016)%20-
%20BRP%20Update%20Report.pdf

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 convened a general meeting of affected
              persons on 17 March 2016. The main purpose of the meeting
              was to update creditors on the business rescue proceedings
              and to discuss the way forward.
   2.2.       The presentation made by the joint BRPs is available on the
              Company’s website -
              http://www.evrazhighveld.co.za/businessrescue.asp



                                                                                   1
3. Proof of Claims
   3.1.        The claim reconciliation process is nearing completion.
   3.2.        Creditors are 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
   4.1.        Sasfin Bank
     4.1.1.          The action instituted by the Company against Sasfin
                     Bank has been settled.



   4.2.        Court Proceedings instituted by East Metals AG (“EM”) and
               Mastercroft S.A.R.L (“Mastercroft”) (“the main
               application”):
      4.2.1.         There has been no change since the last update report
                     to affected persons.




   4.3.        Urgent Court Proceedings instituted by EM and Mastercroft
               (“the urgent interdict application”):
      4.3.1.         There has been no change since the last update report
                     to affected persons.



   4.4.        Urgent Court Proceedings instituted by East Metals and
               Mastercroft in respect of the Mapochs Mine (Pty) Ltd
               (“Mapochs”) business rescue plan (“Mapochs urgent
               application”)
      4.4.1.         There has been no change since the last update report
                     to affected persons.



   4.5.        Urgent Court Proceedings instituted by The Industrial
               Development Corporation of South Africa Limited (“IDC”)




                                                                             2
     4.5.1.          On 20 March 2016, the IDC furnished the joint BRPs
                     with a copy of an urgent application in terms of
                     which the IDC sought urgently to inter alia perfect
                     its security in terms of the general notarial bond
                     registered over the movable assets of Evraz in favour
                     of the IDC.
     4.5.2.          The joint BRPs are in discussions with the IDC to
                     minimise the impact of the application on the
                     business rescue
      4.5.3.         A copy of the urgent application is available on
                     Company’s website.



5. Suggested Way Forward
   5.1.        In accordance with the adopted Business Rescue Plan, the
               joint BRPs are implementing Proposal 3.



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


eMalahleni
6 April 2016


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


Sponsor




                                                                             3

Date: 06/04/2016 09:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.