SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and

Release Date: 22/06/2012 09:37
Code(s): SAN
 
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SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and Employees and Employee Representatives Sanyati Holdings Limited Incorporated in the Republic of South Africa Registration number: 1988/002538/06 Share code: SAN ISIN code: ZAE000081055 ("Sanyati" or "the Company") Outcomes of the first meetings of creditors and employees and employee representatives Sanyati shareholders ("Shareholders") attention is drawn to the announcement on SENS on Friday, 15 June 2012, whereby Shareholders were notified of the convening of the first meetings ("Meetings") of creditors and employees and employee representatives of Sanyati and Sanyati Civil Engineering and Construction Proprietary Limited ("SCE&C") as required in terms of the business rescue proceedings detailed in Chapter 6 of the Companies Act, No. 71 of 2008, as amended ("the Act"). Further to this announcement, Shareholders are advised that the Meetings took place as scheduled on Wednesday, 20 June 2012, and that Mr Trevor Murgatroyd, the appointed business rescue practitioner to both the Company and SCE&C (collectively "the Business"), advised the attendees of the Meetings, inter alia, that he believes the only reasonable prospect of rescuing the Business is an overall restructuring, which will include a combination of rationalising expenses, ringfencing viable projects, disposal of parts of the Business, disposal of certain contracts, entering into of joint ventures in respect of certain contracts, cancellation of unviable contracts and raising of capital. A business rescue plan containing the details of the overall restructuring will be prepared and is envisaged to be published on or about Wednesday, 11 July 2012. A meeting of creditors is expected to be convened by Wednesday, 25 July 2012 for consideration and possible adoption of the business rescue plan in terms of section 151 of the Act. The voluntary suspension of the Company`s shares remains in place and Shareholders are advised to continue to exercise caution when dealing in the Company`s securities until further information with regards to the above is provided. Bryanston 22 June 2012 Sponsor KPMG Services Proprietary Limited Date: 22/06/2012 09:37:01 Supplied by www.sharenet.co.za 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 throug
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