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Report in terms of S 132 (3) 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 May 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.
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.)
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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. Update Meeting:
3.1. A further general meeting of affected persons has been convened
for 10h00 on 20 June 2017 at the offices of Edward Nathan
Sonnenbergs Inc., 150 West Street, Sandton, to provide affected
persons with an update on the business rescue proceedings and
to discuss the way forward.
4. Proof of Claims
4.1. The claims submission period has closed.
4.2. Creditors are still being informed on a) whether their claim
has been accepted and b) the quantum of such claim.
4.3. Please refer any questions or queries relating to your claim to
evrazhighveld@matusonassociates.co.za
5. Litigation
5.1. The papers filed to date in the application and action against
Air Liquide (Pty) Limited are available on the Company’s
website.
5.2. Affected Persons will be advised of further updates.
6. 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.
7. Conclusion
It is the joint BRPs’ view that Proposal 3 will result in a better
outcome for all affected persons than a liquidation.
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eMalahleni
30 May 2017
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd.
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