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Quarterly update in terms of Section 1.10(c) of the JSE Listing Requirements
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
(“ABIL”)
and
AFRICAN BANK LIMITED (in Curatorship)
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)
Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements
1. Shareholders and interested parties are referred to the statement regarding the Curatorship of
African Bank ("the Curatorship") that was made by the then Governor of the South African
Reserve Bank ("SARB"), Ms. Gill Marcus, on 10 August 2014 ("the SARB statement") and to
the Stock Exchange News Service ("SENS") announcements released by ABIL and African
Bank on 26 September 2014, 10 December 2014, and 3 March 2015 (“The Restructuring
SENS announcements” ).
2. The SARB statement noted that Mr. Tom Winterboer was appointed as Curator of African
Bank ("the Curator") in terms of the South African Banks Act No. 94 of 1990 (as amended) on
10 August 2014. At the same time the SARB statement set out proposals for a restructuring of
African Bank ("the Restructuring Proposal").
3. The SENS announcements issued on 3 March contained a further cautionary announcement
related to the suspension of all equity securities of ABIL and all debt securities of African
Bank. This followed similar SENS announcements released by ABIL and African Bank on 11
August 2014, 22 September 2014, 4 November 2014, 10 December 2014, and 27 January
2015 (“The Cautionary SENS announcements”).
4. Subsequent to these announcements the Board of ABIL and the Curator would like to issue a
quarterly update as required in terms of Section 1.10(c) of the JSE Limited (“JSE”) Listing
Requirements.
5. The Curator of African Bank would like to provide the following additional updates not included
in the aforementioned SENS announcements.
a. A further parliamentary committee hearing on the proposed Banks Act Amendment Bill,
2014 took place on 25 March 2015.
b. The Curator continues to meet with affected creditors to progress towards the
restructuring of African Bank.
c. The Curator is progressing towards the finalisation of the publication of the audited
financial results for the year ended 30 September 2014 during April 2015.
6. The Board of ABIL and the Curator are currently not able to give a date on which the
suspension, in respect of all equity securities of ABIL and all debt securities of African Bank,
respectively, is expected to be lifted.
On behalf of the Board of ABIL in so far as the information is applicable to ABIL and the Curator in
so far as the information is applicable to African Bank.
Midrand
31 March 2015
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Footnote : T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by
the Minister of Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of
1990 (as amended) to manage the affairs of African Bank Limited subject to the supervision of the
Registrar of Banks. Please note that Mr Winterboer acts in the aforesaid capacity.
Date: 31/03/2015 08:00:00 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.
