RBA HOLDINGS LIMITED - Update on business rescue process of the companies in business rescue in the RBA Group

Update on business rescue process of the companies in business rescue in the RBA Group

RBA HOLDINGS LIMITED (IN BUSINESS RESCUE)
(Incorporated in the Republic of South Africa)
(Registration number: 1999/009701/06)
(Share Code: RBA ISIN Code: ZAE000199642)
(“RBA” or “the Company”)


UPDATE ON BUSINESS RESCUE PROCESS OF THE COMPANIES IN BUSINESS
RESCUE IN THE RBA GROUP

Shareholders are referred to the announcement of 24 August 2016 as well as the previous
announcements in this regard. Trevor Glaum, the Business Rescue Practitioner (“BRP”),
would like to provide the following update in respect of the business rescue process of RBA
and its wholly owned subsidiary RBA Developments (JHB) (Pty) Limited (in business rescue)
(“RBA Developments”).


The business rescue status reports for September 2016 will be available on the company’s
website www.rbaholdings.co.za.

Creditors have provided an extension for the publication of the business rescue plans for the
respective companies in business rescue to 30 November 2016 in the light of the following
reasons provided by the BRP:
- The Housing Impact Fund South Africa Trust (“HIFSA”) is by far the largest independent
   creditor (with a claim of approximately R130 million) as well as the main provider of post-
   commencement finance. No business rescue plan can be approved without their support.
- HIFSA has advised the BRP that it is not willing to consider any plan that will not include
   a mechanism whereby it is able to obtain full control of the RBA Group. Without control it
   will not be willing to provide the ongoing pipeline of work nor the ongoing financial support
   which the Group requires in order to trade successfully in the future.
- HIFSA also requested that the delisting of RBA from the JSE be explored.
- The BRP is now working on various business rescue plans for RBA and RBA
   Developments that will meet HIFSA’s requirements. Time is required to explore the
   various options with HIFSA.
- In addition, the BRP would like time to obtain an independent valuation of RBA’s shares
   for a possible debt to equity conversion, as well time for consultation with the JSE in
   respect of the implementation of the plans.
- The BRP intends to have the business rescue plans approved by HIFSA by early
   November 2016 for final publication by the end of November 2016.

In addition, shareholders are informed that the interim financial results are being reviewed
by the external auditors and the Company intends to publish within the next couple of months.

23 September 2016
Braamfontein


Designated Adviser
Exchange Sponsors

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