EVRAZ HIGHVELD STEEL & VANADIUM LTD - Report in terms of S 132 (3) (a) of the Companies Act No.71 of 2008

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 September 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.



3. Proof of Claims
   3.1.       The claims submission period has closed.


   3.2.       Creditors    are    still   being   informed   on    a)   whether    their
              claim has been accepted and b) the quantum of such claim.



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   3.3.   Please refer any questions or queries relating to your claim
          to evrazhighveld@matusonassociates.co.za



4. Litigation
   4.1.   The BRPs await the answering affidavit of Air Liquide (Pty)
          Ltd under case number:       26911/16, which is due on 30 September
          2016.


   4.2.   Eriez   Magnetics   (South    Africa)   (Pty)   Limited   withdrew   its
          action under case number:      1185/16.


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
21 September 2016


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


Sponsor




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