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RBA HOLDINGS LIMITED - Update of business rescue process of the companies in business rescue in the RBA group and changes to the board

Release Date: 31/01/2017 09:32
Code(s): RBA     PDF:  
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Update of business rescue process of the companies in business rescue in the RBA group and changes to the board

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 AND CHANGES TO THE BOARD

Shareholders are referred to the announcement of 14 December 2016 as well as the previous
announcements in this regard. Trevor Glaum, the Business Rescue Practitioner (“BRP”),
would like to inform shareholders that he will apply to the High Court of South Africa (Western
Cape Division, Cape Town) on Wednesday, 1 February 2017 at 14:00, or as soon thereafter
as counsel may be heard, for the following order against RBA Developments (JHB)
Proprietary Limited (In business rescue) and against RBA Building Projects Proprietary
Limited (In business rescue) (“the Respondents”):
1. that the matter be heard urgently;
2. discontinuing the Respondents’ business rescue proceedings and converting the
   business rescue proceedings into liquidation proceedings;
3. that the Respondents be placed in final liquidation;
4. directing the Master of the Court to appoint provisional liquidators on an urgent basis;
5. that the costs of the application be costs in the winding-up of the Respondents; and
6. for further and/or alternative relief.

The following directors of RBA have resigned with immediate effect: Riaan Roos, Evita
Nyandoro and Martin Nienaber. Riaan has also resigned as director of all subsidiaries of
RBA.

The BRP has nothing further to report on the future of RBA at this stage.

31 January 2017
Braamfontein


Designated Adviser
Exchange Sponsors

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