TOTAL CLIENT SERVICES LIMITED - Amendment to Business Rescue Plan, results of meeting and Renewal of cautionary announcement

Amendment to Business Rescue Plan, results of meeting and Renewal of cautionary announcement

Total Client Services Limited
Incorporated in the Republic of South Africa
(Registration number 1998/025018/06)
Share code: TCS ISIN: ZAE000116208
(“TCS” or “the Company”)


AMENDMENT TO THE PROPOSED BUSINESS RESCUE PLAN, RESULTS OF MEETING OF
CREDITORS, OTHER HOLDERS OF A VOTING INTEREST AND SHAREHOLDERS IN TERMS OF
SECTION 151 OF THE COMPANIES ACT AND RENEWAL OF CAUTIONARY ANNOUNCEMENT


Further to the announcement and notice of meeting in terms of section 151 of the Act released on SENS
on Friday, 2 May 2014 and update to such notice released on SENS on 9 May 2014, and using the
definitions contained therein, creditors, other holders of a voting interest and shareholders of TCS are
advised that the following amendment to the Business Rescue Plan was proposed by SARS at the
meeting held today and was accepted by the requisite majority of creditors:

Restructuring of existing amounts owing to SARS

The original Business Rescue Plan published on 2 May 2014, provided for the capital amount payable to
SARS to be repaid over a 24 month period beginning on 1 January 2015 and for interest and penalties
on such capital amount to be written off.

The amendment to the Business Rescue Plan, which was accepted at the meeting held today, provides
for the amount owed to SARS, to be inclusive of all interest owing to date but with no further accrual of
interest going forward. This amount shall be payable by TCS over a 30 month period beginning
1 January 2015.

Meeting of creditors and other holders of a voting interest

Creditors and other holders of a voting interest are advised that, at the meeting of creditors and other
holders of a voting interest held today, the resolution as set out in the notice of meeting was passed by
the requisite majority of votes.

Meeting of shareholders

Shareholders are advised that, at the meeting of shareholders held today, the resolution as set out in the
notice of meeting was passed by the requisite majority of votes.

Renewal of cautionary announcement

Subsequent to the announcements released on SENS on 22 November 2013, 20 December 2013,
20 February 2014 and 4 April 2014 whereby shareholders were advised that the Company is undergoing
business rescue proceedings, that Mr Piers Marsden was appointed as the Business Rescue
Practitioner and was in the process of finalising the Business Rescue Plan. Shareholders are reminded
that although the Business Rescue Plan, as amended, has been adopted, the Company still remains in
business rescue until such time as a notice of substantial implementation of the plan has been filed by
the Business Rescue Practitioner.

Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s
securities, until a further announcement is made.

Centurion
19 May 2014
Designated Adviser
Merchantec Capital

Legal Adviser
Fluxmans

Business Rescue Practitioner
Matuson & Associates

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