Sharenet Sites 
Sharenet Sites
Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements
AFRICAN BANK LIMITED (in Curatorship)
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)
Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements
Stakeholders are referred to the statement regarding the Curatorship of African Bank ("the Curatorship") made
by the then Governor of the South African Reserve Bank ("SARB"), Ms. Gill Marcus, on 10 August 2014 ("the
SARB statement").
The SARB statement confirmed that Mr. Tom Winterboer was appointed as Curator of African Bank ("the
Curator") in terms of the Banks Act No. 94 of 1990 (as amended) on 10 August 2014. At the same time the SARB
statement set out a proposal for the restructuring of African Bank, which entailed the creation of a new "Good
Bank" ("the Good Bank Restructuring Proposal").
Further detail about the Good Bank Restructuring Proposal has been communicated to stakeholders the SENS
announcement released by African Bank on 9 September 2015 (“Publication of Information Memorandum for the
Good Bank Restructuring Proposal and Acquisition of the Standard and General Insurance Company Limited”).
Information contained in SENS announcements related to the Good Bank Restructuring Proposal between 10
August 2014 and 9 September 2015 were superseded by the contents of the Information Memorandum.
Subsequent to the announcements referred to above the High Court of the Gauteng Division, Pretoria, has, on 28
September 2015, issued an interim interdict postponing the meeting of creditors of African Bank Investments
Limited (“ABIL”) to consider the ABIL business rescue plan as contemplated in Section 151 and 152 of the
Companies Act (‘the Act”). The interdict can be accessed under https://www.africanbank.co.za/about-us/investors.
The postponement of the meeting will result in the anticipated transfer of ABIL’s 100% shareholding in Stangen to
African Bank on 1 October 2015, subject to fulfilment of suspensive conditions, and obtaining the appropriate
regulatory approvals, not being met.
The Curator is assessing whether the delay in finalising the acquisition of Stangen will still enable the announced
timetable to proceed, or whether alternative plans should be announced to continue the proposed bank
restructuring without the Stangen business. Such contingencies are well advanced, should not materially alter the
disclosed bank forecasts, and would be disclosed if necessary prior to concluding the current consultation phase
of the proposed restructuring.
The Curator is therefore still not able to give a date on which the suspension of trading, in securities of African
Bank, is expected to be lifted, as is required in terms of Section 1.10(c) of the JSE Listings Requirements.
On behalf of the Curator of the Bank
Midrand
1 October 2015
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Footnote : T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by the Minister of
Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of 1990 (as amended) to manage
the affairs of African Bank Limited subject to the supervision of the Registrar of Banks. Please note that Mr
Winterboer acts in the aforesaid capacity.
Date: 01/10/2015 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
