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EVRAZ HIGHVELD STEEL & VANADIUM LTD - CANCELLATION OF S363410 Court proceedings instituted against the Company dismissed with costs

Release Date: 13/10/2015 09:23
Code(s): EHS     PDF:  
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CANCELLATION OF S363410 Court proceedings instituted against the Company dismissed with costs

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”)


COURT PROCEEDINGS INSTITUTED AGAINST EVRAZ HIGHVELD STEEL AND VANADIUM
LIMITED (IN BUSINESS RESCUE) AND THE BUSINESS RESCUE PRACTITIONERS OF
HIGHVELD UNDER CASE NO:   33775/15



Further to the announcement of 25 September 2015 which informed
Shareholders of the urgent court proceedings instituted against the
Company and its joint Business Rescue Practitioners by Global Renewable
Energy Limited (“GRE”) under case number 33775/2015 (“the main
application”), all shareholders are hereby given notice, pursuant to
the provisions of section 146 of the Companies Act, 71 of 2008 as
amended (“the Companies Act”), of the outcome of the urgent court
proceedings:


In accordance with Regulation 6 of the Companies Act, the details of
the abovementioned court proceedings are as follows:


On Friday, 2 October 2015, GRE furnished the BRPs with an amended
notice of motion and replying affidavit in the main application in
terms of which GRE sought urgently to inter alia interdict the
adjourned meeting in terms of section 151 of the Companies Act convened
for Tuesday, 12 October 2015.


Also on Friday, 2 October 2015, Robin Beale N.O. and Bruno Quattro
Engineering (Pty) Ltd (in business rescue) who joined the application
as intervening applicants (“the intervening applicants”) in the main
application instituted urgent proceedings in terms of which the
intervening applicants sought to inter alia intervene in the main
application and interdict the BRPs from introducing the business rescue
plan for consideration by creditors.


The BRPs opposed the applications and filed affidavits before the
hearing of the applications.    The applications were set down for



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hearing at 10h00 on Thursday, 8 October 2015.   The hearing, however,
was adjourned to Friday, 9 October 2015.


The presiding judge held inter alia that the applications were once
again an abuse of the court process and were struck from the roll due
to a lack of urgency.


The presiding judge accordingly awarded costs to Highveld and the BRPs
including the costs of two counsel.


A full copy of the further papers in the above applications are
available from the BRPs at mscruse@matusonassociates.co.za




eMalahleni
12 October 2015


J.P. Morgan Equities South Africa (Pty) Ltd.




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