EVRAZ HIGHVELD STEEL & VANADIUM LTD - Business rescue update

Business rescue update

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 July 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 are proceeding in terms of the wind-down
              contemplated in Proposal 3 of the Plan.
   2.2.       A further general meeting of affected persons was convened
              on 11 July 2016 to provide affected persons with an update
              on the business rescue proceedings and to discuss the way
              forward. The presentation can be found on the Company’s
              website (www.evrazhighveld.co.za).




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3. Proof of Claims
   3.1.        The claims submission period has closed.
   3.2.        Creditors are currently 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
  There has been no change since the last update report to affected
  persons.

5. Suggested Way Forward

  In terms of the Plan, the business rescue is proceeding in accordance
  with Proposal 3, i.e. the wind-down of the Company.

6. Conclusion
   It is the joint BRPs’ view that Proposal 3 will result in a better
   outcome for all affected persons than a liquidation.




eMalahleni
18 July 2016


J.P. Morgan Equities South Africa (Pty) Ltd.


Sponsor




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