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Creditors vote in favour of business rescue plan
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”)
Creditors vote in favour of business rescue plan
Shareholders are advised that on Tuesday 13 October 2015 the
creditors of the Highveld voted in favour of the Business Rescue
Plan (“the plan”) whereby the Company avoided liquidation and
remains in business.
The plan recommends Hong Kong based major metals company,
International Resources Limited (“IRL”) as the successful bidder
to purchase the asset.
Speaking at a stakeholder meeting at Highveld’s operations in
eMalahleni on Tuesday 13 October, the joint business rescue
practitioner Piers Marsden said:
“This is a great result for all Highveld stakeholders including
creditors, shareholders, employees, suppliers and the community
as a whole. The vast majority of creditors voting in favour of
the business rescue plan has ensured that Highveld has
successfully avoided liquidation.
“Importantly a number of amendments were made to the plan
including preferential treatment of existing suppliers. In
addition the business rescue plan provides for a controlled wind
down should the IRL offer not be consummated, which is a
significantly better result than liquidation.”
A formal announcement with the final numbers of the creditors
will be issued later today.
Further information on the Highveld business rescue plan:
www.evrazhighveld.co.za
eMalahleni
13 October 2015
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
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