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ERBACON INVESTMENT HOLDINGS LIMITED - Update on status of major operating subsidiary and cautionary announcement

Release Date: 20/09/2013 14:40
Code(s): ERB     PDF:  
Wrap Text
Update on status of major operating subsidiary and cautionary announcement

Erbacon Investment Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 2007/014490/06)
Share code: ERB
ISIN: ZAE000111571
(“Erbacon” or “the Company”)

Update on status of major operating subsidiary and cautionary
announcement

1.   Introduction

     Shareholders are referred to the announcement published on
     SENS on Thursday, 20 June 2013 informing Shareholders that
     that the board of directors of Civcon Construction
     Proprietary Limited (“Civcon”), Erbacon’s major operating
     subsidiary, had filed a resolution with the CIPC to commence
     with business rescue proceedings and be placed under
     supervisions in terms of section 129 of the Companies Act, No
     71 of 2008, as amended (“the Companies Act”).

2.   Notice of meeting of creditors

     Shareholders are advised that a proposed business rescue plan
     has been issued and accordingly, in accordance with section
     151 of the Companies Act, the creditors of Civcon have been
     given notice that on Friday, 27 September 2013 a meeting will
     be held whereat the business rescue practitioner will present
     his proposed business rescue plan for consideration and
     possible adoption by creditors (“the Proposed Business Rescue
     Plan”).

3.   Cautionary announcement

     Erbacon shares (due to Civcon being the greater part of
     Erbacon’s undertaking) were suspended, in terms of paragraph
     1.9(a)(iii) on the JSE Listing Requirements on 20 June 2013.

     Shareholders are further advised that the Proposed Business
     Rescue Plan, if adopted, might have a material impact on the
     value of the Company’s securities and shareholders are
     accordingly advised to exercise caution when dealing in the
     Company`s securities until further information with respect
     to the above mentioned matter is provided.

Johannesburg
20 September 2013

Designated Advisor: PSG Capital

Date: 20/09/2013 02:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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