AFRICAN BANK INVESTMENTS LIMITED - Quarterly Update in terms of Section 1.10(c) of the JSE Listings Requirements and Withdrawal of Cautionary

Quarterly Update in terms of Section 1.10(c) of the JSE Listings Requirements and Withdrawal of Cautionary

AFRICAN BANK INVESTMENTS LIMITED 
(In business rescue)
Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: ABL ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
(“ABIL” or “the Company”)

QUARTERLY UPDATE IN TERMS OF SECTION 1.10(C) OF THE JSE LISTINGS REQUIREMENTS AND WITHDRAWAL OF
CAUTIONARY


Quarterly Update

1.    Stakeholders are referred to the statement regarding the Curatorship of African Bank Limited made by the then
      Governor of South African Reserve Bank, Ms Gill Marcus, on 10 August 2014, the previous quarterly update released
      by the Company on the Stock Exchange News Service (“SENS”) on 30 September 2015 and the SENS announcements
      subsequently released by ABIL on 15 October 2015 and 19 November 2015.

2.    The Board of ABIL (“the Board”) and the joint business rescue practitioners issue a quarterly update as required in
      terms of section 1.10(c) of the JSE Limited Listings Requirements, in order to keep investors apprised on
      developments in the Company and the ABIL group.

3.    Since the Company voluntarily commenced business rescue proceedings on 5 June 2015, the joint business rescue
      practitioners have updated stakeholders as required in terms of the Companies Act, 2008 (Act 71 of 2008), as
      amended (“Companies Act”) and have issued reports to creditors on a regular basis. These reports are available on
      the Company’s investor relations website at http://abil.investoreports.com/investor-media/abil-business-rescue/.

4.    The significant developments this quarter as announced on SENS are:
      o   on 15 October 2015 the share purchase agreement that ABIL entered into with its wholly-owned subsidiaries,
          African Bank Limited (in curatorship) and The Standard General Insurance Company Limited (“Stangen”), in
          terms of which ABIL would dispose of the entire issued share capital of Stangen to African Bank Limited
          (“Stangen Disposal”), lapsed due to the non-fulfilment of certain conditions precedent; and
      o   on 18 November 2015 a creditors meeting was held and subsequently adjourned until 29 February 2016,
          wherein the revised Business Rescue Plan will be considered.

5.    The preparation and audit/review of the results for 30 September 2014, 31 March 2015 and 30 September 2015 is
      substantially complete. Owing to the significance of the matters that have occurred in the past two financial years,
      it has taken longer than expected to finalise. The Board will release these results simultaneously during February
      2016, if not sooner, should they be available.

6.    The Board is currently not in a position to give a date on which the suspension, in respect of all equity securities of
      ABIL, is expected to be lifted. The Board would only be capable of determining this once the resolution of African
      Bank Limited is complete and business rescue proceedings have ended.

Withdrawal of Cautionary

7.   As a result of the lapse of the Stangen Disposal, shareholders are advised that caution is no longer required when
     dealing in the Company`s securities.


By order of the Board and Messrs Dawie van der Merwe and John Evans as joint business rescue practitioners.


Midrand
8 January 2016


Sponsor
Merchantec Capital

Date: 08/01/2016 10:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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