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Voluntary Announcement - Recoverability of Doubtful Debt
Bauba Platinum Limited
Incorporated in the Republic of South Africa
(Registration number 1986/004649/06)
Share code: BAU ISIN: ZAE000145686
(“Bauba” or “the Company”)
VOLUNTARY ANNOUNCEMENT – RECOVERABILITY OF DOUBTFUL DEBT
On 24 March 2016, the Company announced that a provision had been made in the results for the
six months ended 31 December 2015 for an amount of approximately R15 million in respect of a
doubtful debtor (“the Debtor”). This provision arose from the delivery of approximately 20,000 MT of
chrome ore to the Debtor, but was not paid for by such party, who subsequently went into business
rescue.
Bauba is now pleased to announce that after vigorous legal action taken by its directors, an
agreement has been entered into with the Debtor, in terms of which the Company is entitled to
recover approximately 17,300 MT of its chrome ore product (“Product”) which had been delivered to
the Debtor’s processing site.
Bauba will now proceed to solicit buyers for the Product and once sales are concluded, remove
such Product from the Debtor’s premises, with the sales proceeds thereof to be off-set against the
approximate R15 million outstanding and due to Bauba. Any shortfall will remain part of the
Company’s concurrent claim against the Debtor.
Johannesburg
22 July 2016
Sponsor
Merchantec Capital
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