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
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
The proposed Plan therefore related to the continuing operation of the Company and not the
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
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
Pursuant to the obligation arising from Section 153 (5), the Practitioner is taking the necessary steps
to terminate business rescue proceedings.
26 July 2012
KPMG Services (Pty) Ltd
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