SANYATI HOLDINGS LIMITED - Notification of results of meeting of creditors and the proposed business rescue plan

Release Date: 26/07/2012 12:00
Code(s): SAN
 
Wrap Text
Notification of results of meeting of creditors and the proposed business rescue plan

   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 results of meeting of creditors to consider the future of the company and the
                                      proposed business rescue plan

1. Introduction
   Shareholders are referred to the SENS announcement of Wednesday, 18 July 2012 where the
   rationale and benefits of the proposed business rescue plan (“the Plan”) were highlighted. The Plan
   was published on the Company web site, www.sanyati.co.za
   
   On 25 July 2012 at 14h00 at KPMG Crescent, 85 Empire Road, Parktown the duly appointed business
   rescue practitioner, Trevor Murgatroyd ("the Practitioner") convened the meeting of creditors to
   determine the future of the Company and consider the plan in terms of sections 151 and 152 of the
   Companies Act 71 of 2008 ("the Act").
   
   The main asset of the Company is its loan account to its main operating subsidiary, Sanyati Civil
   Engineering and Construction (Pty) Ltd (“SCEC”) amounting to R410m. SCEC has been placed in
   liquidation.
   
   The proposed Plan therefore related to the continuing operation of the Company and not the
   subsidiary.

2. Results of meeting
   The total voting interests present at the meeting in person and/or by proxy amounted to
   R281,591,997. Ninety six percent (96%) of the total voting interests present and/or by proxy at the
   meeting voted against the adoption of the Plan and the proposals made therein.
   
   According to section 153 (1) the Practitioner sought a vote of approval to prepare and publish a
   revised plan.
   
   As the Plan had been rejected and there was no interest in a revised Plan, Section 153 (5) states that
   “ ... the Practitioner must promptly file a notice of the termination of the business rescue
   proceedings”
   
   Pursuant to the obligation arising from Section 153 (5), the Practitioner is taking the necessary steps
   to terminate business rescue proceedings.

   Bryanston

   26 July 2012
   Sponsor
   KPMG Services (Pty) Ltd

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