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ESOR LIMITED - Update on Business Rescue Proceedings in respect of Esor Limited

Release Date: 17/12/2019 07:30:00      Code(s): ESR       PDF(s):  
Update on Business Rescue Proceedings in respect of Esor Limited

(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000184669

Update on Business Rescue Proceedings in respect of Esor Limited

Further to the previous SENS announcement issued on 15 March 2019 with reference to the
business rescue process of Esor Limited:

In terms of a resolution adopted by all by all creditors present, at the First meeting of
creditors on 5 December 2018, the date for the publication of the Business Rescue Plan
(“BR Plan”) by the business rescue practitioners was extended to 12 February 2019.

This date is being postponed on a month to month basis pending discussions with potential

The BRP engaged and appointed BDO Corporate Finance on a retainer basis with a view to
seek potential investors who may be interested in the corporate structure and possible
investment in the construction industry. This mandate is being carried out as approved by
the major creditors at a meeting held on 10 July 2019, but it would take some time to
find the ideal investor. First meeting with Esor management and BDO Corporate Finance was
held and a follow-up meeting with an identified potential investor was held on 16 August

The BRP convened a further meeting with the major creditors of the company to be held on
5 September 2019 at which feedback was provided in relation to the steps taken to find a
possible investor which have to date proved to be unsuccessful.

The process of seeking a restructuring option is ongoing.

17 December 2019

Vunani Corporate Finance

Date: 17-12-2019 07:30:00
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