CHEMICAL SPECIALITIES LIMITED - Notice of commencement of business rescue proceedings in respect of Chemspec

Notice of commencement of business rescue proceedings in respect of Chemspec

Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP &CSPP
ISIN: ZAE000109427 & ZAE000184305
("Chemspec" or "the Company")

NOTICE OF COMMENCEMENT OF BUSINESS RESCUE PROCEEDINGS IN RESPECT OF
CHEMSPEC
Shareholders are referred to the announcement released on SENS on
11 March 2015 and are further advised that the Company has
distributed a letter, the contents of which is set out below,
notifying the affected parties of the commencement of voluntary
business rescue proceedings, in accordance with Section 129 of the
Companies Act of 2008 (as amended) (“the Companies Act”).

A form COR123.1 being a Notice of Beginning of Business Rescue, as
contemplated in section 129 of the Companies Act was filed with the
Companies and Intellectual Property Commission (‘the Commission”)
on 11 March 2015.

The Company appointed Pierre Berrangé and Richard Ferguson to be
the joint Business Rescue Practitioners on 13 March 2015 and the
forms COR 123.2, being the Notice of Appointment of the Business
Rescue Practitioner, as contemplated in section 129(b) of the
Companies Act were filed with the Commission on 14 March 2015.

In accordance with the requirements of Sections 129(3) and
129(4)(b) of the Companies Act, copies of the following documents
were attached to the notification letter to affected parties:
  -   The Notice of Beginning of Business Rescue Proceedings, Form
      COR 123.1 dated 11 March 2015, as filed with the Commission;
  -   The Sworn Statement, dated 11 March 2015, of the facts
      relevant to the grounds on which the Board Resolutions were
      founded;
  -   The two Resolutions dated 11 March 2015 and 13 March 2015,
      respectively, passed by the Board of Directors of the Company
      regarding the decision to apply for voluntary business rescue
      and for the appointment of Business Rescue Practitioners;
  -   The Conditional Licence dated 13 March 2015 issued in respect
      of joint Business Rescue Practitioner’s, Pierre Berrangé and
      Richard Ferguson; and
  -   The Notice of Appointment of Business Rescue Practitioner,
      Form COR 123.2 dated 16 March 2015, as filed with the
      Commission.
In terms of section 147 and 148 of the Companies Act affected
parties are hereby advised that the following meetings will take
place
  -   The First meeting of Employee’s Representatives at 09h00 on
      Thursday 26 March 2015, and
  -   The First meeting of Creditors at 11h00 on Thursday 26 March
      2015.
The venue shall be at the Company head office at 2029 Old Mill
Road, Canelands, Verulam, 4339. An agenda for the meeting will be
dispatched to all affected parties in due course.

A copy of the notification letter is available on the Company’s
website hosted at www.chemspecpaint.com. Please direct all enquires
to the following email address: businessrescue@chemspecpaint.com



Durban
17 March 2015

Designated Advisor:
Grindrod Bank Limited

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