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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 April 2017 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
Structural Mill:
2.1. The contract manufacturing agreement between the
Company and ArcelorMittal South Africa Limited was
concluded during December 2016.
2.2. The refurbishment of the Structural Mill has been
completed.
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2.3. An agreement has been concluded for the sale of the
Structural Mill assets to a wholly owned subsidiary of
the Company (please refer to the last presentation to
the general meeting of affected persons which details
the structure.)
2.4. Pending transfer, the Structural Mill is being leased to
the subsidiary and has commenced production, according
to the contract manufacturing agreement.
Other Strategic Assets
2.5. The joint BRPs continue to engage with buyers on several
of the Company’s strategic assets.
Employee Payments
2.6. Employees have been paid approximately 13% (R 34 980
725) of the total amount owed to them. The last payment
to employees was made on 12 April 2017.
3. Proof of Claims
3.1. The claims submission period has closed.
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 papers filed to date in the application and action
against Air Liquide (Pty) Limited are available on the
Company’s website.
4.2. Affected Persons will be advised of further updates.
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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
3 May 2017
J.P. Morgan Equities South Africa (Pty) Ltd.
Sponsor
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