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Notice of discontinuing of business rescue proceedings of ConsMurch and the placing of the Company under liquidation
Village Main Reef Limited
(Registration number 1934/005703/06)
JSE code: VIL
ISIN: ZAE000154761
("Village Main Reef)
Notice of discontinuing of business rescue proceedings of Cons Murch Mine (Pty) Ltd
(“Cons Murch”) and placing of Cons Murch into liquidation
9 February 2015
Shareholders of Village Main Reef are advised that the business rescue practitioner of Cons
Murch applied to Court in terms of section 141(2)(a)(i) of the Companies Act, 2008 (Act 71 of
2008) as amended (“the Companies Act”), to discontinue the business rescue proceedings
of Cons Murch and place Cons Murch in provisional liquidation. The effective date of the
provisional liquidation is 5 February 2015.
The board of directors of Cons Murch, an antimony and gold mine at Gravelotte in Limpopo,
placed the company under business rescue in terms of Section 129 of the Companies Act on
15 December 2014 after a transaction to sell the company lapsed. Village Main Reef had
been involved in negotiations to sell the shares in Cons Murch to Stibium Mining (Pty) Ltd,
an Australian company. However, the negotiated transaction to sell the shares lapsed in
December 2014 when Stibium was unable to obtain funding.
As communicated at the time to creditors, employees and trade unions, the business rescue
practitioner endeavoured to secure post commencement funding and a buyer for the mine.
However, it proved impossible to raise funding and conclude a corporate transaction with
potential investors. After seven weeks of business rescue proceedings, the business rescue
practitioner determined that there was no reasonable prospect for the company to be
rescued by way of said proceedings.
And so the decision was taken to move to provisional liquidation. An order was applied for to
the High Court of South Africa for business rescue proceedings to be discontinued and for
the placing of the company into provisional liquidation.
Clifford Maredi has been appointed by the Master of the High Court as a provisional
liquidator. Further liquidators will be appointed by the Master of the High Court. Once
liquidators have been appointed, they will liaise with all creditors and employees and act in
terms of the provisions of all applicable legislation. Placing Cons Murch in provisional
liquidation will allow the retention of the mining rights owned by the company. It will also
allow the liquidators an opportunity to ensure the safety of the essential services employees
and the security of company assets.
Contacts: Clifford Maredi 012 263 8614
Sponsor
Bravura Capital (Pty) Ltd
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