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AFRICAN BANK INVESTMENTS LIMITED - Notice of Application for Business Rescue of Ellerine Holdings Limited (EHL), a wholly owned subsidiary of ABIL

Release Date: 22/08/2014 17:00
Wrap Text
Notice of Application for Business Rescue of Ellerine Holdings Limited (“EHL”), a wholly owned subsidiary of ABIL

AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL         ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
("ABIL" or "the Group" or the "Company")

AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
("African Bank")


NOTICE OF APPLICATION FOR BUSINESS RESCUE OF ELLERINE HOLDINGS LIMITED ("EHL"), A
WHOLLY OWNED SUBSIDIARY OF ABIL

The major assets of EHL, the holding company of the Ellerines group, is its investment in Ellerine Furnishers
(Pty) Ltd ("EF") and the short and long term insurance companies within the Ellerines group. It is not a
trading company and is wholly reliant on funds derived from its subsidiaries, external funders or its holding
company. On 7 August 2014, ABIL announced that EF, the trading subsidiary of EHL, had filed for voluntary
business rescue.

Following the decision taken that no further funding would be provided by ABIL to EHL, the Board of EHL
advised ABIL that it has commenced with voluntary business rescue proceedings as provided for by section
129 of the Companies Act, No 71 of 2008, as amended.


On behalf of the Board

Midrand
22 August 2014

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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