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Sharenet Sites
Update on business rescue, renewal of cautionary announcement and appointment of acting chief financial officer
Evraz Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld”)
Update on business rescue process, renewal of cautionary announcement and
appointment of acting chief financial officer
Further to the Notice of Suspension of Listing and Cautionary Announcement
dated 14 April 2015 which announced the commencement of business rescue
proceedings by the Company on 13 April 2015 and the update dated 30 April
2015, shareholders are informed that, in terms of Section 150(5), of the
Companies Act, Act 71 of 2008 (“the Companies Act”), the business rescue
plan (“the Plan”) must be published by the Company within 25 days after the
date on which the Business Rescue Practitioners (“the BPR’s”) were
appointed, or such longer time as may be allowed by the Court or the
holders of a majority of the creditors’ voting interests.
In accordance with the above provision, the Plan had to be published on or
before 22 May 2015, in the absence of a further extension allowed as set
out above.
On 20 May 2015, a creditors’ committee (“the Committee”) meeting was
convened whereat the BRP’s obtained the Committee’s consent to an extension
of the publication of the Plan to 31 August 2015, as contemplated in
section 150(1)(b)of the Companies Act.
On 21 May 2015, the BRP’s further addressed a letter to all creditors
requesting their consent to the aforementioned extension of the publication
of the Plan (“the Letter”).
The BRP’s hereby advise that pursuant to the Letter, the holders of a
majority of the creditors’ voting interests voted in favour of the
extension of the publication of the Plan to 31 August 2015.
In the circumstances, the date of publication of the Plan is now 31 August
2015.
APPOINTMENT OF ACTING CHIEF FINANCIAL OFFICER
Shareholders are also informed that the BRP’s have appointed Mr Andrew
Phillip Maralack, a non-executive director of the Board, as Acting Chief
Financial Officer effective immediately.
Mr Maralack is a qualified Chartered accountant with extensive experience
in finance, auditing, business turnarounds, corporate recovery, consulting,
retirement fund industry and corporate governance.
RENEWAL OF CAUTIONARY
Shareholders are advised to continue exercising caution when dealing in
shares of the Company.
eMalahleni
28 May 2015
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
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