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Update on state of affairs, notification of reportable irregularity and renewal of cautionary announcement
MINE RESTORATIONS INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or “the Company”)
UPDATE ON STATE OF AFFAIRS, NOTIFICATION OF REPORTABLE IRREGULARITY AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Update on state of affairs:
Shareholders are referred to the announcement released on 28 October 2016 in which shareholders
were advised that a potential investor had signed agreements with Stellar Capital Partners Limited
(“Stellar Capital”), a major shareholder and creditor of the Company, to acquire Stellar Capital’s
interests in the Company, comprising shares in and a claim against MRI, and that the Company had
entered into discussions with the said potential investor on the recapitalisation of MRI’s business.
Shareholders are now further advised that discussions between Stellar Capital and the potential
investor have terminated. The Company is therefore continuing to assess alternative means of
realising value for shareholders.
Notification of reportable irregularity:
In compliance with paragraph 3.25(e) of the JSE Listings Requirements, shareholders are further
advised that the Company’s auditors, Grant Thornton (Jhb) Inc., have identified a reportable
irregularity (“the Reportable Irregularity”) relating to non-compliance by the Company of section 30 of
the Companies Act, No 71 of 2008 (“the Act”).
Section 30 of the Act states that each company must prepare annual financial statements within six
months after the end of its financial year, or such shorter period as may be appropriate to provide the
required notice of an annual general meeting in terms of section 61(7).
MRI’s annual financial statements for the year ended 28 February 2017 have not yet been prepared
resulting in the Reportable Irregularity.
Renewal of cautionary announcement:
Shareholders are referred to the previous cautionary announcements, the last of which was dated
20 October 2016, and are advised to continue to exercise caution should they enter into any off-
market trades in relation to their MRI shares until a further announcement is made.
Rosebank
23 November 2016
Designated Advisor
Questco (Pty) Ltd
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