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Notice of application for business rescue of Protech and cautionary announcement
Protech Khuthele Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/024352/06)
Share code: PKH ISIN: ZAE 000101986
(“Protech” or “the Company”)
Notice of application for business rescue of Protech and cautionary
announcement
Shareholders are advised that Protech will commence with voluntary business rescue
proceedings as provided for by Section 129 of the Companies Act, 2008 (Act 71 of
2008) as amended (“the Companies Act”).
Shareholders are further advised that Protech has received demands for immediate
repayment for project expenses incurred which Protech is unable to pay.
The main cash flows that Protech currently receives are payments from debtors for
current and completed projects. The board of directors became aware today that the
anticipated receipt of monies from a substantial debtor of approximately R40m,
maybe delayed or possibly not paid in full, thus adversely affecting Protech’s
cashflow. Therefore as Protech cannot meet its commitments Protech has no choice
but to lodge an application for business rescue.
Given the above factors the Board of Protech met today and concluded that although
Protech is financially distressed, there appears to be a reasonable prospect of
rescuing the Company, as the assets, fairly valued exceed the liabilities of the
Company. The decision has therefore been taken that Protech voluntarily begin
business rescue proceedings as provided for by Section 129 of the Companies Act.
The Board resolution to this effect is being filed with the Companies and Intellectual
Properties Commission. The Board of Protech is of the opinion that the
implementation of business rescue will afford the directors the opportunity to develop
and implement a business rescue plan in a manner that will optimise the likelihood of
Protech continuing as a going concern.
Shareholders are advised that the full impact of the above application is still to be
determined and may have a material effect on the price of the Company’s securities.
Accordingly, shareholders are advised to exercise caution when dealing in the
Company’s securities until further information is provided.
Lanseria
30 May 2014
Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited
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