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Update regarding provisional liquidation and continued suspension of shares
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")
Update regarding provisional liquidation and continued suspension
of shares
Shareholders are referred to the announcement released on SENS on 3
August 2015 regarding the application for termination of the
business rescue proceedings and to place the company into
provisional liquidation.
The Company was placed into provisional liquidation on 5 August
2015. The Joint Provisional Liquidators (“Liquidators”) appointed
by the Master of the High Court Durban are: Eugene Nel, Thami
Mshengu, Roselyn Noel and Selby Ntsibane. A copy of the Provisional
Liquidation Order and the Certificate of Appointment of the
Provisional Liquidators is available on the Company’s website
hosted at www.chemspec.co.za.
The Liquidators have extended their powers in terms of Section 386
of the Companies Act and pursuant thereto are engaged in selling
stock, assets and collecting the debtors of the Company. It is
premature to determine whether a dividend will be paid to
concurrent creditors. A recovery for shareholders appears to be
extremely unlikely.
Shareholders are advised that the liquidation process is ongoing
and that the trading in the shares of the company remains
suspended.
Durban
11 September 2015
Designated Advisor:
Grindrod Bank Limited
Date: 11/09/2015 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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