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Notice of Application for Business Rescue of Mapochs Mine Proprietary Limited and Cautionary Announcement
Evraz Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld”)
Notice of Application for Business Rescue of Mapochs Mine Proprietary
Limited and Cautionary Announcement
Resolution to commence voluntary business rescue proceedings and
cautionary announcement
Shareholders of Highveld are hereby advised that, on 17 April 2015,
the board of directors of Mapochs Mine Proprietary Limited
(“Mapochs”), a subsidiary of Highveld, resolved that Mapochs does not
have adequate funding to meet its obligations in the short term. This
is as a result of, inter alia, historical operational difficulties at
the Steelworks at Highveld, Mapochs’ main customer; the filing by
Highveld for business rescue (which places in doubt Mapochs’ ability
to source funding that it historically obtained from Highveld); and
the effect of the onerous supply agreement concluded with Vanchem
Vanadium Products (Pty) Ltd.
The board of Mapochs has accordingly resolved that it will be in the
best interests of the company and its stakeholders to commence with
voluntary business rescue proceedings in terms of section 129 of the
Companies Act, 2008. The resolution to this effect has been filed
with the Companies and Intellectual Property Commission (“CIPC”).
The board of Mapochs has further resolved to appoint Messers John
Evans and John Lightfoot as its joint business rescue practitioners.
The relevant forms relating to, and necessary to formalise the
appointment of the business rescue practitioners, as contemplated in
section 129 of the Companies Act, 2008, have been filed with CIPC.
The board of Mapochs believes that the implementation of voluntary
business rescue proceedings will afford the business rescue
practitioners the opportunity to consider the continued
implementation of the operational turnaround plan already applied to
Mapochs’ and successfully re-establish its operations.
Shareholders are advised that Mapochs’ business rescue may have a
material effect on the price of Highveld’s securities. Accordingly,
shareholders are advised to continue to exercise caution when dealing
in Highveld’s securities.
eMalahleni
30 April 2015
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
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