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
This quarterly update is made in terms of Section 1.10(c) of the JSE Listings Requirements, and contains a
summary of the relevant Johannesburg Stock Exchange News Service (“SENS”) announcements made since the
publication of the previous quarterly announcement on 1 October 2015.
On 16 October 2015 the Curator announced that the agreement regarding the acquisition of Stangen by African
Bank has lapsed and will be of no further force and effect. African Bank will instead be establishing a cell captive
arrangement as an alternative insurance provider. This arrangement is planned to be operational before the
targeted commencement of Good Bank if the Good Bank Restructuring Proposal proceeds.
The anticipated insurance arrangements of African Bank do not impact the credit life insurance arrangements in
respect of African Bank’s existing and new business loan and credit card advances and funeral cover under
funeral insurance policies, which will remain of full force and effect. The new insurance arrangements of African
Bank will be on substantially similar terms as existing services, and no adverse impact on customers is
anticipated.
The last announcement for the quarter was made on 8 December 2015 and provided information on the
publication of a supplement memorandum (“Supplementary Memorandum”) which serves as an update to the
Information Memorandum, specifically:
(i) the impact of the lapse of the Stangen acquisition against the creation of a cell captive insurance service for
Bank customers;
(ii) details of the modification of the offer to senior and subordinated creditors to include a partial cash offer;
(iii) an update to the financial forecast for Good Bank;
(iv) details of changes to the SARB Guarantee / Indemnity arrangements; and
(v) details of the changes to the expected timetable culminating in an expected launch of Good Bank on 4 April
2016.
An indicative timetable for the Proposed Transaction was also provided noting:
8 January 2016 – Comment period closed
2nd Half of January 2016 – Issuance of Offer Information Memorandum
2nd Half of February 2016 – Creditor Vote participation closes
4 April 2016 – Expected launch of Good Bank
Also included in this announcement was notice of the publication of the audited annual financial statements of the
Bank noting that the loss for the year decreased by 22% from the prior period to R7 212 million (2014 R9 299
million).
A trading update providing details on the disbursements of new loans and credit cards, improved disbursement
trends over the second half of the financial year and collections that have been in line with expectations and
remained stable.
The Curator is still currently not able to provide 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
31 December 2015
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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.
Notes
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
(“Stangen”). 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.
Stakeholders are also referred to SENS announcements released by African Bank on 1 October 2015 (“Quarterly
update in terms of Section 1.10(c) of the JSE Listings Requirements”), 9 October 2015 (“Extension of comment
period on Information Memorandum”), 16 October 2015 (“Termination of proposed acquisition of the Stangen and
Supplement to Information Memorandum”), and 23 October 2015 (“Timetable to publish the Supplement to the
Information Memorandum and revision of the timeline to launch Good Bank”).
Date: 31/12/2015 08:00:00 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.
