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Update on Application for Business Rescue of Brikor Limited and Further 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”)
Update on Application for Business Rescue of Brikor Limited and Further Cautionary
Announcement
Shareholders are referred to the various cautionary announcements, with the SENS released on 20
November 2014 advising that the Application in terms of section 131 of the Companies Act, 2008 (the Act)
to commence business rescue proceedings, which was issued by Garnett van Niekerk Parkin (Parkin)
under case number 13408/2014 of the High Court of South Africa, KwaZulu-Natal Local Division, Durban
(the Application) was adjourned to the Unopposed Motion Court Roll for further hearing on 09 February
2015 with the Respondents to deliver Answering Affidavits by 19 January 2015 and Parkin his Replying
Affidavit by 02 February 2015.
Shareholders are further referred to the announcement made on 20 January 2015 informing of the
untimely death of Parkin in a motorcar accident on 17 January 2015 and of the appointment of Garnett
Parkin Jnr, the alternate Director to Parkin, as Acting CEO.
By law all legal proceedings in which Parkin was involved were suspended pending the appointment by
the Master of the High Court of an Executor to his estate. Consequently the Application was suspended
and the Respondents did not deliver Answering Affidavits. On 05 February 2015, the Master appointed
Philippina Maria Mcdonald (McDonald) as Executrix of the Estate of the late Parkin. The company’s
Board and its Attorneys shall be consulting with McDonald imminently regarding the Application.
The National Union of Mineworkers who issued a similar Application to commence Business Rescue is
proceeding further with its Application as Parkin is not a party to those proceedings and has delivered a
Supplementary Founding Affidavit to that effect. No Answering Affidavits have been delivered resisting
that Application.
The legal position remains the same as was previously announced, namely that business rescue
proceedings in respect of the Company commenced on 17 November 2014 in terms of section 132(1)(b)
of the Act, no legal proceedings, including enforcement action, against the Company or in relation to its
property may be commenced or proceeded with in any forum, save as may be permitted under section
133(1) of the Act, the liquidation proceedings remain suspended with effect from 17 November 2014 in
terms of section 131(6) of the Act, every Director of the Company is obliged to discharge the functions of a
Director and exercise his management functions under the authority of and in accordance with the
directions of an appointed business rescue practitioner under section 137 of the Act.
The factual position also remains the same as was previously announced, namely that no business
rescue practitioner has been appointed (with the legal result that any action by a Director is considered
void) and the provisional liquidators continue to contend that they are in control of the business of the
Company in terms of their appointment notwithstanding that liquidation proceedings are suspended. The
legality of their contention remains in dispute by the Board of the Company.
On 04 December 2014 the Company’s Attorneys met with the Attorneys representing both the provisional
liquidators and FirstRand Bank Ltd in order to resolve this dispute. Such resolution could not be reached
but it was agreed at that meeting that the parties would revisit the issues during January 2015. Due to the
untimely death of Parkin, the intended re-visitation of those issues has been delayed.
The trading in the shares of the Company on the JSE Limited remains suspended notwithstanding that in
terms of section 137(1) of the Act an alteration in the classification or status of any issued securities of the
Company by way of a transfer of securities in the ordinary course of business is valid during business
rescue proceedings,
20 February 2015
Durban
Designated Advisor
Exchange Sponsors
Date: 20/02/2015 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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