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 April 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 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


3. Proof of Claims
   3.1.      The claim reconciliation process is nearing completion.




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



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



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



   4.4.        Urgent Court Proceedings instituted by The Industrial
               Development Corporation of South Africa Limited (“IDC”)
     4.4.1.          By agreement, the IDC perfected subject to the
                     conclusion of an agreement.
     4.4.2.          The order is available on the Company’s website.



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




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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
   liquidation.


eMalahleni
13 May 2016


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


Sponsor




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