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Updated cautionary announcement
BUILDMAX LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1995/012209/06)
Share Code: BDM
ISIN Code: ZAE000167318
("Buildmax" or “the Company”)
Updated Cautionary Announcement
Shareholders are referred to the announcement released by Buildmax on SENS on
26 October 2015 wherein shareholders were advised that Buildmax’s wholly-owned
subsidiary, Diesel Power Mining Proprietary Limited, trading as Diesel Power Botswana (“DP
Botswana”), had enforced its contractual right to suspend its contract mining services as a
result of a client’s inability to meet its payment obligations.
Shareholders are referred to the announcement released by ZCI Limited (“ZCI”) on SENS
this morning and are hereby advised that the client referred to in Buildmax’s announcement
of 26 October 2015, was Messina Copper (Botswana) Proprietary Limited (“Messina
Copper”), the operating subsidiary of ZCI’s subsidiary, African Copper Plc.
Shareholders are hereby advised that DP Botswana has brought an application to the High
Court of the Republic of Botswana for an urgent provisional order of winding-up in respect of
Messina Copper.
DP Botswana’s current aggregated exposure to Messina Copper is approximately
BWP 47 million. As at the date of this announcement, the board of directors of Buildmax
(“board”) cannot reliably estimate the extent of any potential proceeds arising as a result of
the liquidation proceedings. Assuming the liquidation of Messina Copper, a full provision
against the debtor and the non-cash impairment of related plant assets, it is anticipated that
the impact on Buildmax in the 2016 financial year, will be a reduction in net asset value of
between R70 million and R90 million.
The Company will provide updates to stakeholders as and when further information
becomes available. Accordingly, shareholders are advised to exercise caution when dealing
in Buildmax shares until such date as further information in relation to the above matter,
including the full financial impact thereof, has been made available.
The financial information included in this announcement has not been reviewed or reported
on by the Company’s auditor.
Benoni
12 November 2015
Sponsor to Buildmax
Questco (Pty) Ltd
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