Go Back Email this Link to a friend


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

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


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
investors.

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
2019.

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.

Germiston
17 December 2019

Sponsor
Vunani Corporate Finance

Date: 17-12-2019 07:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2020 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.