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AFRICAN BANK INVESTMENTS LIMITED - Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements

Release Date: 30/06/2015 17:42
Code(s): ABLP ABL     PDF:  
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Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements

AFRICAN BANK INVESTMENTS LIMITED (In business rescue)
(Incorporated in the Republic of South Africa)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
("ABIL" or "the Company")


QUARTERLY UPDATE IN TERMS OF SECTION 1.10(C) OF THE JSE LISTINGS REQUIREMENTS


1. Stakeholders are referred to the statement regarding the Curatorship of African Bank Limited made by
    the then Governor of South African Reserve Bank, Ms Gill Marcus, on 10 August 2014 and to the Stock
    Exchange News Service ("SENS") announcements released by ABIL on 16 April 2015, 29 May 2015, 5
    June 2015, 10 June 2015 and 11 June 2015 as well as the previous quarterly update which was
    released on 31 March 2015.
2. The Board of ABIL issues a quarterly update as required in terms of section 1.10(c) of the JSE Limited
    ("JSE") Listings Requirements, in order to keep investors apprised on developments in the Company and
    the ABIL group.
3. The most significant event to occur in the quarter was the Company voluntarily commenced business
    rescue proceedings on 5 June 2015. The first meeting of creditors, in terms of section 147 of the
    Companies Act No. 71 of 2008 ("Companies Act"), was held on Thursday, 18 June 2015.
4. The joint business rescue practitioners ("BRPs") will update stakeholders as required in terms of the
    Companies Act and will also issue updates by way of reports from time to time to all creditors. The first
    report was issued to all creditors on 26 June 2015. This report and all subsequent reports will be
    available on the Company’s investor relations website at http://abil.investoreports.com/investor-
    media/abil-business-rescue/.
5. The ABIL Board regrets the delay in the publication of the group consolidated financial results for the
    year ended 30 September 2014 and is doing everything possible to finalise and release these results as
    soon as possible.
6. The financial results for the year ended 30 September 2014 and the interim results results for the six
    months ended 31 March 2015 of The Standard General Insurance Company Limited ("Stangen"), a
    major subsidiary, is expected to be published before 17 July 2015.
7. The Board of ABIL is currently not in a position to give a date on which the suspension, in respect of all
    equity securities of ABIL is expected to be lifted. This would only be capable of being determined once
    the resolution of African Bank Limited is completed, which target date has been stated by the Curator, Mr
    Winterboer, as being 1 October 2015.




By order of the board and the joint business rescue practitioners
Midrand
30 June 2015

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 30/06/2015 05:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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