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Kpone Gas- and Oil-fired Combined Cycle EPC Power Plant Update – Update on interdict judgement and cautionary
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/000032/06)
Share code: GRF ISIN: ZAE000027405
(‘Group Five’ or ‘the Company’ or ‘the Group’)
KPONE GAS- AND OIL-FIRED COMBINED CYCLE EPC POWER PLANT UPDATE – UPDATE ON
INTERDICT JUDGEMENT AND CAUTIONARY ANNOUNCEMENT RETAINED
As outlined to the market on SENS yesterday, 6 November 2018, Group Five was informed by two of
the bank guarantee providers that the Kpone client has issued a written demand requesting that an
amount of $62,7 million be paid to the client in respect of guarantees issued on its contract in Ghana.
As the Group believes this call was improper, it instituted legal proceedings in the High Court of
Johannesburg to interdict the demands made by the client.
The judgement was scheduled for today and court proceedings commenced. The matter is ongoing and
final arguments will be presented tomorrow. Judgement will be handed down in due course and the
Group will inform stakeholders once this has occurred. In the meantime, an interim order has been
granted by the court, interdicting any payment in respect of the guarantees issued until judgement has
been handed down.
Stakeholders will be kept appraised of developments and are advised to continue to exercise caution
when trading in the Company’s securities.
07 November 2018
Sponsor
Nedbank Corporate and Investment Banking
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