Announcement iro the Approved Business Rescue Plan, the Delisting of the Company and Withdrawal of Cautionary
UBUBELE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/011074/06)
Share code: UBU
ISIN Code: ZAE000144739
(“Ububele” or “the Company”)
ANNOUNCEMENT RELATING TO THE APPROVED BUSINESS RESCUE PLAN,
THE DELISTING OF THE COMPANY AND A WITHDRAWAL OF CAUTIONARY
1. BUSINESS RESCUE PLAN
Shareholders are referred to the business rescue plan of the
Company (“the Business Rescue Plan”), as approved by creditors
on 24 March 2015 and published on the website of the appointed
business rescue practitioners of the Company (“BRPs”), being
In terms of the Business Rescue Plan, the Company’s
subsidiaries have sold a limited number of operating entities
and assets, the proceeds of which will be utilised to settle
the claims of the creditors of the operating entities.
The only asset of Ububele apart from its shares in
subsidiaries is a claim in the amount of NAD$1 689 689.50
(“the Mediva Fee”) in respect of management fees due but
unpaid by a Namibian company, Mediva Group Holdings
Proprietary Limited. The Mediva Fee will be repaid in 8 equal
instalments, with the first instalment to be utilised to
settle any legal expenses incurred in connection with claims
arising from the business rescue process and the balance to be
paid to the Land Bank, by virtue of a cession agreement
concluded between the Company and the Land Bank as security
for post-commencement finance advanced by the Land Bank to the
As a result of the aforesaid, the Company is effectively a
shell with no assets or liabilities and as such, shareholders
will receive no value for their shares.
2. DELISTING OF UBUBELE
Shareholders are accordingly hereby advised that the Company
will apply to the JSE Limited (“JSE”) to delist from the
Alternative Exchange of the JSE, as:
2.1 the Company no longer complies with the requirements for
a continued listing on the JSE and the shares of the
Company have been suspended since 26 August 2014;
2.2 no distribution will be paid to shareholders of the
2.3 it is in the public interest to do so.
3. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are further referred to the renewal of cautionary
announcement released on SENS on 30 March 2015, and are
advised that, due to the above disclosure, caution is no
longer required to be exercised by shareholders when dealing
in their securities.
14 May 2015
PSG Capital Proprietary Limited
Date: 14/05/2015 05:21:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Email this JSE Sens Item to a Friend.