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
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 email@example.com 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
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
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
3. Subsequent to the finalisation of the liquidation process relating to SCE&C,
Sanyati will receive the appropriate dividend arising from its claim against
4. The proceeds realised from this source will then be applied in the following
a. payment of business rescue expenses including the business rescue
practitioner?s fees and expenses incurred during the business rescue
b. payment of any unpaid post business rescue employee claims;
c. payment of preferential claims in accordance with the appropriate
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.
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