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Notice of Application for Business Rescue of Brikor Limited and Cautionary Announcement
BRIKOR LIMITED (IN PROVISIONAL LIQUIDATION)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE Share code: BIK ISIN: ZAE000101945
("Brikor” or “the Company”)
Notice of Application for Business Rescue of Brikor Limited and Cautionary Announcement
Shareholders are referred to the various cautionary announcements released over the past year which
culminated in the provisional liquidation of Brikor, the last of which was published on 25 November 2013.
On 16 May 2014 the Kwa-Zulu Natal High Court (‘the High Court’) adjourned the matter until 21 November
2014. The business operates under the supervision of the provisional liquidators.
Shareholders are advised that, on 18 November 2014, Garnett Van Niekerk Parkin (‘the Applicant’), the
major shareholder of Brikor and a director at the time of the provisional liquidation, issued an Application
in terms of Section 131 of the Companies Act, 2008 under case number 13408/2014 of the High Court of
South Africa, KwaZulu-Natal Local Division (DURBAN) which shall be heard at 09H30 on 21 November
2014 for orders in the following terms:
1. The forms and time periods for service provided for in the Uniform Rules of Court are dispensed with
and this matter is heard as one of urgency in terms of Uniform Rule 6(12).
2. A Rule Nisi is issued calling on the Respondents to show cause, if any, to this Court on _______ at
09H30 or so soon thereafter as the matter may be heard why the following orders should not be
confirmed:
2.1. The first respondent is placed under supervision and business rescue proceedings are
commenced;
2.2. Johannes Frederick Klopper is appointed as the interim business rescue practitioners of the first
respondent, subject to ratification by the holders of a majority of the independent creditors’ voting
interests at the first meeting of creditors, as contemplated in Section 147 of the Companies Act
71 of 2008;
2.3. The Applicant’s costs of suit must be paid by those of the Respondents opposing the relief sought.
3. The relief prayed for in sub-paragraphs 2.1 and 2.2 above operates with immediate effect as interim
relief pending the return date of the Rule Nisi and any extended return date.
Purpose of the Application
4. The purpose of the application (‘the business rescue application’) is to obtain a Court order in terms of
Section 131 of the new Companies Act placing the Company under supervision and commencing
business rescue proceedings.
5. The Applicant submits that the Company is ‘financially distressed’ within the meaning of Section
128(1)(f)(i) of the Companies Act in that it appears to be reasonably unlikely that it will be able to pay
all of its debts as they become due and payable within the immediately ensuing six months.
6. There is a reasonable prospect of rescuing the Company such that it is likely to continue in existence
on a solvent basis, due to the following reasons:
6.1. The Company is trading profitably, having made a profit of R 13 235 122 for the period March
2014 to October 2014;
6.2. It has cash at the moment of R 62.3 million having paid: (i) an overdraft facility of R 22 454 206.28
which FirstRand Bank Limited demanded payment of on 3 December 2012 and (ii) costs of the
liquidators’ agents in the sum of R 3 641 212.91;
6.3. Its assets exceeds its liabilities;
6.4. It has a stable workforce that supports the granting of a business rescue order; its prospects for
the next six months are good and the Company will continue to make profits;
6.5. If a business rescue order is granted, the Company will receive a cash injection of some R 40
million from the Applicant, which will be used to meet creditors’ claims and operating expenses.
The Parties
7. The Applicant
The Applicant has locus standi in the present matter by virtue of being an ‘affected person’ as defined
in Section 128(1)(a)(i) of the Companies Act based on the following facts:
7.1. The Applicant is a Creditor of the Company in the amount of R 33.9 million;
7.2. The Applicant holds 53.3% of the issued shares in the First Respondent (‘the Company’)
comprising 356 948 768 ordinary shares.
8. The Respondents
8.1. The First Respondent is Brikor Limited. The Company was provisionally wound-up by an order of
this Court on 30 July 2013. The Company’s listing on the JSE has accordingly been suspended.
8.2. The Second Respondent is The Companies And Intellectual Property Commission (‘CIPC’);
8.3. The Third Respondent is Zeenath Kajee N.O. (‘Kajee’), an insolvency practitioner in the employ of
Westrust (Pty) Limited;
8.4. The Fourth Respondent is Kurt Robert Knoop (‘Knoop’), an insolvency practitioner in the employ
of Manci Knoop Financial Services;
8.5. The Fifth Respondent is Macdonald Albert Lenka Chitja N.O. (‘Chitja’), an insolvency practitioner
in the employ of Stowell and Co Attorneys;
8.6. The Sixth Respondent is The Master of The High Court, Durban.
9. Kajee, Knoop and Chitja are cited in their representative capacities as the provisional liquidators of the
Companies.
10. No relief is sought against the CIPC and the Master.
The trading in the shares of the Company on the JSE will remain suspended. Shareholders are advised
to continue exercising caution in trading the Company’s shares until a further announcement is made.
20 November 2014
Durban
Designated Advisor
Exchange Sponsors
Date: 20/11/2014 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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