RBA HOLDINGS LIMITED - Update on business rescue process of the companies in business rescue in the RBA Group

Update on business rescue process of the companies in business rescue in the RBA Group

RBA HOLDINGS LIMITED (IN BUSINESS RESCUE)
(Incorporated in the Republic of South Africa)
(Registration number: 1999/009701/06)
(Share Code: RBA ISIN Code: ZAE000199642)
(“RBA” or “the Company”)

UPDATE ON BUSINESS RESCUE PROCESS OF THE COMPANIES IN BUSINESS RESCUE IN THE RBA GROUP

Shareholders are referred to the announcements of 11 March 2016.  Trevor Glaum, the 
Business Rescue Practitioner (“BRP”), would like to provide the following update as 
to the business rescue process and a general update of the RBA group. 

1. ANNUAL FINANCIAL STATEMENTS (“AFS”) FOR THE YEAR ENDED 31 DECEMBER 2015

As noted previously the Audit and Risk Committee and the Board has been requested by 
the Business Rescue Practitioner (“BRP”) to sign off the AFS for 2015.    

As the timeline stands currently the intention is to release the audited AFS for 2015 
by June 2016 in order to accommodate the implications of RBA being in business rescue.  

2. PROGRESS SINCE THE PREVIOUS REPORT

The CEO, AJ Rothman, had resigned and Des Hughes had been appointed as acting CEO as 
announced on 17 March 2016.

The COO, Francois le Roux had resigned effective 11 April 2016. 

Three additional subsidiaries, RBA Building Projects (Pty) Ltd, RBA Homes (Pty) Ltd 
and RBA Executive Homes (Pty) Ltd (“Additional Subs”), had been placed in business 
rescue as announced on 30 March 2016. 

The employee and creditors’ meetings for the Additional Subs will be held from 11 to 
13 April 2016 where the current status of the business rescue process will be discussed. 

3. NEXT STEPS

As part of the process in formulating the business rescue plan, the BRP continues to 
work closely with management to reduce costs in the endeavour to restore the RBA Group 
to solvency.
 
11 April 2016
Braamfontein

Designated Adviser
Exchange Sponsors

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