AFRICAN BANK INVESTMENTS LIMITED - Disposal of Stangen Interim Court Order

Disposal of Stangen – Interim Court Order

AFRICAN BANK INVESTMENTS LIMITED
(in business rescue)
Incorporated in the Republic of South Africa
(Registration number: 1946/021193/06)
Ordinary share code: ABL      ISIN: ZAE000030060
Preference share code: ABLP   ISIN: ZAE000065215
(“ABIL” or “the Company”)

DISPOSAL OF STANGEN – INTERIM COURT ORDER


Shareholders are referred to the announcements released on SENS:

o   on 9 September 2015 wherein they were, inter alia, advised that the Company has entered into a share
    purchase agreement with its wholly-owned subsidiaries, African Bank Limited (in curatorship) (“ABL”) and
    The Standard General Insurance Company Limited (“Stangen”), in terms of which ABIL will dispose of the
    entire issued share capital of Stangen (“Sale Shares”) to ABL (“Disposal”) subject to the fulfilment (or, to
    the extent permissible, the waiver) of certain suspensive conditions including, inter alia, the adoption of a
    business rescue plan proposing, inter alia, the sale of the Sale Shares (“Business Rescue Plan”); and

o   on 14 September 2015 wherein they were, inter alia, advised of the publication of the Business Rescue
    Plan.

Shareholders are hereby advised that an interim interdict was granted by the High Court on 28 September
2015 postponing the creditors meeting scheduled for 29 September 2015 at which the Business Rescue Plan
was to be tabled for approval, and ordering the delivery by the Company of certain documents pertaining to
the Company, Stangen and ABL to the applicants.

The full court order is available on the Company’s investor relations website at
http://abil.investoreports.com/investor-media/abil-business-rescue/.

This court order delays the adoption of the Business Rescue Plan and the Disposal and as such, the Company
is considering its options. Shareholders will be advised in due course.

By order of Messrs Dawie van der Merwe and John Evans as joint business rescue practitioners and the board.

Midrand
29 September 2015

Sponsor
Merchantec Capital

Date: 29/09/2015 05:23:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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