SANYATI HOLDINGS LIMITED - Notification of publication of and salient details pertaining to the Sanyati business rescue plan

Release Date: 18/07/2012 09:00
Code(s): SAN
 
Wrap Text
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?)



Notification of publication of and salient details pertaining to the Sanyati business rescue plan 1. Introduction
Sanyati shareholders (?Shareholders?) were informed in SENS announcements on Tuesday, 10 July 2012 and Wednesday, 11 July 2012 that Mr Trevor Murgatroyd, the appointed business rescue practitioner to both Sanyati and Sanyati Civil Engineering and Construction Proprietary Limited (?SCE&C?), had submitted a founding affidavit in the South Gauteng High Court on Monday, 9 July 2012 to effect the termination of the business rescue proceedings in respect of SCE&C and apply for the liquidation of SCE&C, that Sanyati would remain under business rescue proceedings for the time being and that the original envisaged date of publication of the Sanyati business rescue plan (?Business Rescue Plan?) of Wednesday, 11 July 2012 would be delayed until Wednesday, 18 July 2012.
In addition, Shareholders were advised that the executive directors of Sanyati, Mr Malcolm Lobban and Ms Aleta Jovner, had resigned with effect from 30 June 2012 and 6 July 2012, respectively.
2. Publication of Business Rescue Plan and notification of meeting to consider the Business Rescue Plan
The Business Rescue Plan will be published on or before Wednesday, 18 June 2012. Copies of the Business Rescue Plan may be obtained from the Company on e-mail holdings@sanyati.co.za or on the website: www.sanyati.co.za.
A meeting of Sanyati creditors and holders of a voting interest for the purpose of considering the Business Rescue Plan will be held on Wednesday, 25 July 2012 at KPMG Crescent, 85 Empire Road, Parktown at 2 pm. 3. Appointment of Ironwood Trustees (Pty) Ltd
As Sanyati no longer has any employees or executive directors, Mr Murgatroyd has appointed Ironwood Trustees (Pty) Ltd (?Ironwood?), represented by Ms Heloise Marais, to take control of the management and administrative functions relating to Sanyati. 4. Basis of the Business Rescue Plan
As Sanyati does not trade, it does not receive any cash flow. Therefore, there does not appear to be any reasonable prospect of Sanyati trading out of its current financial position.
The basis of the Business Rescue Plan to be considered is, therefore, as follows: 1. Sanyati will remain under business rescue proceedings for the time being and the moratorium on all claims against Sanyati will remain until such time as the Business Rescue Plan is substantially implemented.
2. Ironwood will take control of all management and administrative functions of Sanyati.
3. Subsequent to the finalisation of the liquidation process relating to SCE&C, Sanyati will receive the appropriate dividend arising from its claim against SCE&C.
4. The proceeds realised from this source will then be applied in the following sequence:
a. payment of business rescue expenses including the business rescue practitioner?s fees and expenses incurred during the business rescue process;
b. payment of any unpaid post business rescue employee claims; c. payment of preferential claims in accordance with the appropriate restrictions;
d. the secured creditor will be permitted to take possession of its asset and the balance of its claim will be regarded as a concurrent claim; e. payment of concurrent creditors;
f. the remaining surplus, if any, will then be distributed to Shareholders. 5.
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