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Suspension Of Listing And Cautionary Announcement
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”)
Suspension Of Listing And Cautionary Announcement
1. Resolution to commence voluntary business rescue
Shareholders of Highveld are hereby advised that the board of directors
of Highveld (“the Board”) has resolved that the Company does not have
adequate funding to meet its obligations for the short term. This is
primarily as a result of historical operational difficulties and
sustained financial losseswithin a capital constrained operating
environment. This is despite the current operational stability achieved
through the recent implementation of the Company’s operational
turnaround plan.Highveld’s financial position has further been
negatively impacted by weakened global steel and vanadium markets and a
severe reduction of domestic steel demand.
The Board has accordingly resolved that it will be in the best interest
of Highveld and its stakeholders to commence with voluntary business
rescue proceedings in terms of section 129 of the Companies Act, 2008
(as amended) (“the Act”). The resolution to this effect has been filed
with the Companies and Intellectual Property Commission (“CIPC”).
The Board believes that implementation of voluntary business rescue will
afford the business practitioner the opportunity to consider the
continuedimplementation of the turnaround plan and successfully re-
establish the Company.
The Board has further resolved to appoint Messers Daniel Terblanche and
Piers Marsden as joint business rescue practitioners. The relevant forms
relating to, and necessary to formalise, the appointment of the business
rescue practitioners, as contemplated in section 129(b) of theAct,willbe
filed with the CIPCin due course.
2. Application for suspension of listing on the JSE and cautionary
announcement
The commencement of business rescue proceedings by the Company is
expected to have a material impact on the price of the Company’s shares.
In accordance with section 1.9(a)(iii) of the JSE Listings Requirements,
the Board has made an application to the Johannesburg Securities
Exchange (“JSE”) to suspend the listing of Highveld’s shares with
immediate effect. JSE granted such application.
Shareholders are accordingly advised to exercise caution when dealing in
shares of the Company.
3. Update on the agreement between Macrovest and EVRAZ plc subsidiary
Shareholders are referred to the announcement released by the Company on
12 August 2014 wherein it was advised that Macrovest 147 (Pty) Ltd
(“Macrovest”) had entered into an agreement with a subsidiary of EVRAZ
plc (“EVRAZ”), the 85% shareholder of Highveld, to acquire 34% of the
shares in Highveld subject to certain conditions precedent. Shareholders
are hereby advised that the agreement between Macrovest and EVRAZ has
lapsed.
4. Due to the uncertainties associated with the business rescue
proceedings the Company will not be able to release its results as required
today.
eMalahleni
14 April 2015
Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd.
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