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Notice of application for Business Rescue of Alert Steel (Pty) Ltd and cautionary announcement
ALERT STEEL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/005144/06)
JSE code: AET ISIN: ZAE000092847
(“Alert or the company”)
NOTICE OF APPLICATION FOR BUSINESS RESCUE OF ALERT STEEL (PTY) LIMITED
AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that Alert Steel (Pty) Ltd (‘Alert Steel’), a wholly owned subsidiary
of Alert and the main trading entity have been informed by Southern Palace Investments 265
(Pty) Limited and Cannistraro Investments 282 (Pty) Limited that these entities have withdrawn
their financial support for Alert Steel. Through their support in the past, Alert Steel managed
to satisfy the solvency and liquidity provisions of the Companies Act, 2008 (Act 71 of 2008) as
amended (“the Companies Act”) .
By virtue of the withdrawal of such financial support, members of the Board of Alert Steel
concluded that Alert Steel is financially distressed but there appears to be a reasonable
prospect of rescuing Alert Steel. The decision has therefore been taken that Alert Steel begin
business rescue proceedings as provided for by Section 129 of the Companies Act. A Board
resolution to this effect has been filed with CIPC. The Board of Alert Steel is of the opinion that
the implementation of business rescue will afford the executive directors the opportunity to
develop and implement the business rescue plan in a manner that will optimise the likelihood
of Alert Steel to continue to exist as a going concern.
Shareholders are advised that the full impact of the above application is still to be determined
and may have a material effect on the price of the Company’s securities. Accordingly,
shareholders are advised to exercise caution when dealing in the Company’s securities until
further information is provided.
12 May 2014
Pretoria
Designated Adviser
Exchange Sponsors.
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