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Report in terms of S 132(3)(a) of the Companies Act No.71 of 2008
EVRAZ Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld” or “the Company”)
REPORT IN TERMS OF S 132(3)(a) OF THE COMPANIES ACT NO.71 OF 2008
Shareholders are advised that the Joint Business Rescue Practitioners
have prepared a business rescue update report for April 2016 to the
Companies and Intellectual Property Commission and to all Affected
Persons in terms of Section 132(3)(a) of the Companies Act, 71 of 2008.
The Report
The content of the Report is as follows:
1. Introduction
1.1. The business rescue proceedings of the Company have not
been concluded within three months of the date of
commencement thereof, and therefore this update report is
being tabled in terms of section 132(3)(a) of the Companies
Act 71 of 2008 (“Act”).
1.2. It is important to read this report in conjunction with the
Business Rescue Plan (“Plan”) and previous update reports.
2. Update on Business Rescue Proceedings
2.1. The joint BRPs convened a general meeting of affected
persons on 17 March 2016. The main purpose of the meeting
was to update creditors on the business rescue proceedings
and to discuss the way forward.
2.2. The presentation made by the joint BRPs is available on the
Company’s website -
http://www.evrazhighveld.co.za/businessrescue.asp
3. Proof of Claims
3.1. The claim reconciliation process is nearing completion.
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3.2. Creditors are being informed on a) whether their claim has
been accepted and b) the quantum of such claim.
3.3. Please refer any questions or queries relating to your
claim to evrazhighveld@matusonassociates.co.za
4. Litigation
4.1. Court Proceedings instituted by East Metals AG (“EM”) and
Mastercroft S.A.R.L (“Mastercroft”) (“the main
application”):
4.1.1. There has been no change since the last update report
to affected persons.
4.2. Urgent Court Proceedings instituted by EM and Mastercroft
(“the urgent interdict application”):
4.2.1. There has been no change since the last update report
to affected persons.
4.3. Urgent Court Proceedings instituted by East Metals and
Mastercroft in respect of the Mapochs Mine (Pty) Ltd
(“Mapochs”) business rescue plan (“Mapochs urgent
application”)
4.3.1. There has been no change since the last update report
to affected persons.
4.4. Urgent Court Proceedings instituted by The Industrial
Development Corporation of South Africa Limited (“IDC”)
4.4.1. By agreement, the IDC perfected subject to the
conclusion of an agreement.
4.4.2. The order is available on the Company’s website.
5. Suggested Way Forward
5.1. In accordance with the adopted Business Rescue Plan, the
joint BRPs are implementing Proposal 3.
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6. Conclusion
It is the joint BRPs view that proceeding with Proposal 3 will
result in a better outcome for all affected persons than in
liquidation.
eMalahleni
13 May 2016
J.P. Morgan Equities South Africa (Pty) Ltd.
Sponsor
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