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Second report in terms of Section 132(3)(a) of The Companies Act 71 of 2008
EVRAZ Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld” or “the Company”)
Second report in terms of Section 132(3)(a) of The Companies Act 71 of
2008
Shareholders are advised that despite efforts to complete the Business
Rescue Proceedings of the Company within three months of the date of
commencement thereof, the proceedings have not been concluded and
therefore, as required, the Business Rescue Practitioners have prepared
a second report in terms of Section 132 (3) (a) of the Companies Act 71
of 2008 (“Act”)(“the Report”) for submission.
The Report was prepared by Piers Marsden and Daniel Terblanche, the
Joint Business Rescue Practitioners (“joint BRPs”) and should be read
in conjunction with the previous report, for actions taken during
August 2015, as well as the recently published Business Rescue Plan,
which are all available on the Company’s website:
http://www.evrazhighveld.co.za/businessrescue.asp
The Report
The content of this Report is as follows:
Report to the Companies and Intellectual Property Commission and to all
Affected Persons in terms of Section 132 (3) (a) of the Companies Act
71 of 2008.
1. Introduction
1.1. The Business Rescue Proceedings of the Company have not been
concluded within three months of the date of commencement
thereof, and therefore as required, this report, being the
second update report, is being tabled in terms of Section 132
(3) (a) of the Companies Act 71 of 2008 (“Act”).
1.2. It is also important that this report be read in conjunction
with the previous report, as only actions taken during August.
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2. Business Rescue Process
2.1. The joint BRPs obtained the requisite majority consent for the
extension of the publication of the Business Rescue Plan
(“Plan”).
2.2. The key timelines of the business rescue process are detailed
below:
EVENT DATE
1 Evaluation of Binding Offers 28 August – 3
Received September 2015
2 Announcement of Successful 4 September 2015
Bidder
3 Proposed Publication of Plan 15 September 2015
4 Meeting to Consider the Plan 28 September 2015
3. Sales Process
3.1. The joint BRPs have evaluated the offers received and the
successful bidder was notified on Friday, 4 September 2015.
3.2. Preparation of the transaction documents has commenced.
4. Proof of Claims
4.1. Total claims received to date amount to approximately R1.2
billion. All claims are currently being reviewed by the joint
BRPs and compared to the Company’s ledger.
4.2. A mechanism for the resolution of disputed claims will be
included in the Plan.
5. Liquidation vs. Business Rescue
5.1. KPMG, as independent experts, have finalised their liquidation
dividend calculation.
5.2. In terms of Section 150 of the Act, the liquidation dividend
calculation will be included in the business rescue plan where
readers will be able to compare this to the proposed business
rescue dividend.
6. Suggested Way Forward
6.1. Continue with the Sales Process.
6.2. Publish the Plan.
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7. Conclusion
7.1. The joint BRPs remain of the view that there is a reasonable
prospect of the Company being rescued as contemplated in
Section 128 of the Act.
eMalahleni
17 September 2015
J.P. Morgan Equities South Africa (Pty) Ltd.
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