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

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, the previous quarterly update
     released by the Company on the Stock Exchange News Service (“SENS”) on 30 June 2015 and the SENS
     announcements subsequently released by ABIL on 30 June 2015, 6 July 2015, 14 July 2015, 16 July 2015, 3 August
     2015, 31 August 2015, 9 September 2015 and 14 September 2015.

2.   The Board of ABIL (“the Board”) issues a quarterly update as required in terms of section 1.10(c) of the JSE
     Limited Listings Requirements, in order to keep investors apprised on developments in the Company and the ABIL
     group.

3.   Since the Company voluntarily commenced business rescue proceedings on 5 June 2015, the joint business rescue
     practitioners have updated stakeholders as required in terms of the Companies Act, 2008 (Act 71 of 2008), as
     amended (“Companies Act”) and have issued reports to creditors on a regular basis. These reports are available
     on the Company’s investor relations website at http://abil.investoreports.com/investor-media/abil-business-
     rescue/.

4.   Of significance during the quarter, it was announced on SENS:

     o   on 9 September 2015 that ABIL had entered into a share purchase agreement with its wholly-owned
         subsidiaries, African Bank Limited (in curatorship) and The Standard General Insurance Company Limited
         (“Stangen”), in terms of which ABIL will dispose of the entire issued share capital of Stangen (“Sale Shares”)
         to African Bank Limited (“the Disposal”) subject to the fulfilment (or, to the extent permissible, the waiver) of
         certain suspensive conditions including, inter alia, the adoption of a business rescue plan proposing, inter
         alia, the sale of the Sale Shares (“Business Rescue Plan”);

     o   on 14 September 2015 that the Business Rescue Plan had been published; and

     o   on 29 September 2015 that progress to dispose of the Sale Shares had been delayed due to the interim court
         order issued by the High Court on 28 September 2015 postponing the creditors meeting scheduled for
         29 September 2015 at which the Business Rescue Plan was to be tabled for approval.

     As such, the Company is considering its options in light of the aforementioned court order, a full copy of which is
     available on the Company’s investor relations website at http://abil.investoreports.com/investor-media/abil-
     business-rescue/.

     Stakeholders will be advised of the Company’s course of action in due course.

5.   The 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 by the end of the year.
     The Board intends to release the September 2014 financial results at the same time as the release of the March
     2015 and September 2015 financial results.

6.   The Board 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. The Board would only be capable of determining this once the resolution of African
     Bank Limited is complete and business rescue proceedings have ended.

By order of the Board and Messrs Dawie van der Merwe and John Evans as joint business rescue practitioners.
Midrand

30 September 2015

Sponsor
Merchantec Capital

Date: 30/09/2015 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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