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

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

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”)
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QUARTERLY UPDATE IN TERMS OF SECTION 1.10(C) OF THE JSE LISTINGS REQUIREMENTS
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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, and the previous quarterly updates
     released by the Company on the Stock Exchange News Service (“SENS”) on 30 September 2015 and 8 January 2016.

2.   The Board of ABIL (“the Board”) and the joint business rescue practitioners (“BRPs”) 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 29 February 2016 a creditors meeting was held which, at the request of the creditors, was adjourned until
          14 March 2016 and again to 8 April 2016, to consider further amendments to the proposed Business Rescue
          Plan; and

     o    the BRPs have to date paid distributions of 76 cents in the rand to the creditors of ABIL.

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 on or about 22
     April 2016.

6.   The JSE has confirmed to the BRPs that the suspension, in respect of all equity securities of ABIL, can only be lifted
     once, inter alia, all outstanding financial reports have been published and business rescue proceedings have ended.


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

Midrand
5 April 2016
Sponsor
Merchantec Capital

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