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Notice of court proceedings
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”)
EVRAZ HIGHVELD STEEL AND VANADIUM LIMITED (In Business Rescue)
Registration No: 1960/001900/06
NOTICE OF COURT PROCEEDINGS AGAINST INTER ALIA EVRAZ HIGHVELD STEEL AND
VANADIUM LIMITED (IN BUSINESS RESCUE) (“Highveld”), THE BUSINESS RESCUE
PRACTITIONERS OF HIGHVELD (“the BRPs”) AND AFFECTED PERSONS
1. The BRPs of Highveld have instituted court proceedings against
Air Liquide (Pty) Limited (“Air Liquide”) under case number
26911/2016 in the High Court of South Africa, Gauteng Local
Division, Johannesburg in which they seek, inter alia, to
cancel certain obligations imposed on Highveld in terms of a
Supply Agreement entered into between Highveld and Air Liquide
and declaratory relief pertaining to limitations on Air
Liquide’s damages claim against Highveld as a consequence of
such cancellation.
2. Air Liquide opposes the relief, and intends to bring a counter-
application against the BRPs, Highveld and affected persons for
a declaration that, inter alia:
2.1. Air Liquide is not bound by paragraph 24.2 of the
Business Rescue Plan;
2.2. Clause 20.12 of the Supply Agreement does not impose any
limitation on Air Liquide’s claim for damages against
Highveld arising from a cancellation of Highveld’s
obligations under the Supply Agreement by the Court in
terms of section 136(2)(b) of the Companies Act 71 of
2008;
2.3. Air Liquide is entitled and the BRPs are obliged to
accept a claim to the full extent of Air Liquide’s duly
mitigated damages, discounted to a present day value, in
the Business Rescue Proceedings and any dispute regarding
the quantification thereof is to be determined in
1
accordance with the dispute resolution mechanism
contained in paragraph 38 of the Business Rescue Plan;
and
2.4. Air Liquide is entitled and the BRPs are directed to pay
to Air Liquide the same proportionate dividend as will be
paid to all other concurrent creditors in the Business
Rescue Proceedings, calculated on the full amount of Air
Liquide’s damages claim;
2.5. Air Liquide is entitled to receive a supply of water
according to its requirements from the Highveld Steel
water pipeline and to have the waste water managed by
Highveld Steel’s waste water treatment facility, on
reasonable commercial terms and to that end to be
included in any agreement concluded by Highveld with any
third party or parties concerning the ownership and
continued operation of the pipeline and waste water
treatment facility.
3. Applications have been launched by Air Liquide to join all
affected persons to the court proceedings for purposes of its
counter-claim and for substituted service.
4. A full copy of the papers in the main application, the counter-
application and the applications to join affected persons and
for substituted service are available on the website of
Highveld, www.evrazhighveld.co.za, and upon request from Van
Hulsteyns Attorneys, the attorneys representing Air Liquide, who
can be contacted as follows:
Van Hulsteyns Attorneys
Ref: Mr Andrew Legg / Mr Daniel Raath
Telephone: 011 523 5300
Email: andrew@vhlaw.co.za
daniel@vhlaw.co.za
eMalahleni
15 March 2017
J.P. Morgan Equities South Africa (Pty) Ltd.
2
Sponsor
3
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