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 October 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 has been
          convened for 28 October 2016 to provide affected persons with
          an update on the business rescue proceedings and to discuss
          the way forward.


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




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   3.2.   Creditors are still 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.   The business rescue practitioners still await the answering
          affidavit of Air Liquide. Air Liquide has further advised of
          its intention to bring a counter-application. Affected Persons
          will be advised of further updates.


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
19 October 2016


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


Sponsor




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