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General disclosure regarding a potential bad debt in a subsidiary
NU-WORLD HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1968/002490/06)
Share Code: NWL ISIN code: ZAE000005070
(“Nu-World” or “the Company”)
GENERAL DISCLOSURE – POTENTIAL BAD DEBT IN SUBSIDIARY
In accordance with paragraph 3.4(a) of the JSE Limited Listings Requirement, companies are required
to inform shareholders regarding price sensitive information.
Shareholders are advised that one of Nu-World’s 59.35% held subsidiaries, Yale Prima Proprietary
Limited’s (‘’Yale’’), customers, Dick Smith Holdings Limited (“DSH”) a Top 200 Australian Securities
Exchange company and its subsidiaries (collectively ‘”DSE’’), were placed into liquidation on 25
February 2016.
On 4th January 2016, DSE was placed into Voluntary Administration (with McGrathNicol acting as
Voluntary Administrators to DSH (“Administrators”)) and shortly thereafter into Receivership (with
Ferrier Hodgson acting as Receivers and Managers to DSH (“Receivers”)).
The first creditors’ meeting was held on 14 January 2016, where the Administrators outlined the
following:
a. The intention of the Receivers was to continue trading as usual and simultaneously run a sale
campaign for all or parts of the DSE business.
b. To allow the Administrators and Receivers to properly assess the state of the business and to
run the sale campaign without creditor interference. It was their intention to postpone the
second critical creditors’ meeting by at least 6 months.
The request for extension of the second creditors’ meeting was granted by both the federal courts of
Australia and New Zealand until, at the earliest, the first week in August 2016. As a result of the
extension and as per the orders of the court, no formal communication regarding either the sales
process or DSE’s financial position was supplied to the creditors by either the Administrators or
Receivers.
On 25 February 2016, the Receivers and Administrators announced the liquidation of DSE and that
the remaining Dick Smith and Move Stores in Australia and New Zealand will close. At this stage due
to the lack of official information being provided to creditors the Company is unable to reliably estimate
what DSE debt will ultimately be required to be written off by Yale. The total after tax (GST and Income
Tax) exposure of Yale to DSE is approximately 5.9 million Australian dollars (“AUD”). As Nu-World
owns 59.35% of Yale, the maximum exposure to this potential bad debt for the group would be
approximately AUD3.5 million.
Shareholders will be kept informed of any further developments in this regard.
26 February 2016
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 26/02/2016 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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