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Mapochs Mine business rescue update
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”)
MAPOCHS MINE BUSINESS RESCUE UPDATE - REPORT IN TERMS OF SECTION
132(3) (a)OF THE COMPANIES ACT 71 OF 2008
Highveld is the majority shareholder of the Mapochs Mine Proprietary
Limited “(Mapochs” or “the Company” in below report), which declared
business rescue on 20 April 2015 and concluded on 2 December 2015
when the Business rescue practitioners filed a notice of substantial
completion.
The Business Rescue Practitioners have prepared a report in terms of
Section 132 (3) (a) of the Companies Act 71 of 2008 (“Act”) (“the
Report”) for submission.
The Report is also available on the Company’s website:
http://www.evrazhighveld.co.za/businessrescue.asp
The Report
The content of the Report is as follows:
Report 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.
Prepared by: John Lightfoot and John Evans – Joint Business Rescue
Practitioners
1. Introduction
1.1. The Business Rescue Proceedings of the Company concluded on 2
December 2015 when the Business rescue practitioners filed a
notice of substantial completion.
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1.2. This report is to be read in conjunction with the previous
reports issued by the business rescue practitioners.
1.3. Only actions taken subsequent to the earlier reports are dealt
with in this report.
1.4. Defined terms have the same meaning as ascribed to them in the
adopted Business Rescue Plan.
2. Business Rescue Process
2.1. Key timelines:
EVENT DATE
Business Rescue Plan Published 20 November 2015
Business Rescue Plan (as amended) 30 November 2015
Adopted
Notice of substantial implementation 2 December 2015
filed
3. Implementation of the Business Rescue Plan
3.1. On 2nd December 2015, the Offeror paid the full Offer Price into
the Plan Fund and accordingly Substantial Implementation (as
defined in the Business Rescue Plan) was achieved.
3.2. As provided in the Business Rescue Plan the role of the BRP’s is
now that of Receivers on behalf of the Company, IRPL and
Creditors, this to implement the remaining and outstanding terms
of the Business Rescue Plan and as more fully set out in it.
4. Proof of Claims by Creditors
4.1. The adopted Business Rescue Plan provides that all Creditors are
to lodge their claims on or before 31 January 2016.
4.2. The Receivers are in the process of adjudicating the Claims
received and following up with creditors whose claims remain
outstanding. A list of outstanding creditors’ claims is attached
hereto on Annexure A. If you are on the attached list, please
submit your claim on the attached form to
mapochs@matusonassociates.co.za.
4.3. Many Creditors have already submitted claims which have been
adjudicated and accepted. They have been duly notified and we
have requested that they provide us with written confirmation of
their banking details.
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4.4. In respect of those claims that have been accepted and banking
details provided, it is our intention to pay a first dividend to
these creditors of 6.5 cents in the Rand by no later than 29
January 2016.
4.5. In view of the substantial number of claims outstanding, the
Receivers have taken the decision to extend the deadline for
submission and adjudication of claims by one month, to 29
February 2016
4.6. Rejected claims will be dealt with in terms of paragraph 13 of
the Business Rescue Plan.
5. Litigation - Court Proceedings instituted by East Metals (“EM”),
Mastercroft and Global Renewable Energy Limited (“GRE”):
Details of these proceedings were dealt with in our previous
report and the Receivers are currently proceeding to recover
legal costs from EM and Mastercroft.
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Annexure A – List of creditors who have not submitted claims
Vendor Name
Altech Netstar
Ambu Training Bk
Auto Fuel (Pty) Ltd (Rand Trust Sec
Barloworld Equipment
Bearing Man Group (Pty) Ltd
Bearing Services Witbank
Consolidated Water Conditioning Sa
Delta Health And Safety Equipment
Dual Couplers Cc
Fuchs Lubricants Sa (Pty) Ltd
Gundle Plastall (Pty) Ltd A Div Of
Howson Ramsden
Hytec
King Mabhoko Lodge Cc
Mars Investment Cc T/A Moosa Superm
Metrofile
Midas
Mohlare Koma High School
Nj Mnisi Enterprises
Nordbak (Pty) Ltd
Pencox Auto Air Cc
Powermite Africa - A Div. Of Hudaco
Sanitech - Steelpoort
Sebenza Supplies Cc
Sheltam (Pty) Ltd
Sizwe Forms And Printing (Pty) Ltd
Sunfox 106 Cc T/A Execuair
The U Joint & Cv Joint Centre
Tractor Grader Supplies Cc
Transfire (Pty) Ltd
Universal Rigging & Moving
G4S Security Services Sa (Pt
Waco Africa-Sgb Division (Wi
eMalahleni
27 January 2016
JSE sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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Date: 27/01/2016 03:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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