SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and

SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and
Employees and Employee Representatives                                          
Sanyati Holdings Limited                                                        
Incorporated in the Republic of South Africa                                    
Registration number: 1988/002538/06                                             
Share code: SAN                                                                 
ISIN code: ZAE000081055                                                         
("Sanyati" or "the Company")                                                    
Outcomes of the first meetings of creditors and employees and employee          
representatives                                                                 
Sanyati shareholders ("Shareholders") attention is drawn to the announcement on 
SENS on Friday, 15 June 2012, whereby Shareholders were notified of the         
convening of the first meetings ("Meetings") of creditors and employees and     
employee representatives of Sanyati and Sanyati Civil Engineering and           
Construction Proprietary Limited ("SCE&C") as required in terms of the business 
rescue proceedings detailed in Chapter 6 of the Companies Act, No. 71 of 2008,  
as amended ("the Act").                                                         
Further to this announcement, Shareholders are advised that the Meetings took   
place as scheduled on Wednesday, 20 June 2012, and that Mr Trevor Murgatroyd,   
the appointed business rescue practitioner to both the Company and SCE&C        
(collectively "the Business"), advised the attendees of the Meetings, inter     
alia, that he believes the only reasonable prospect of rescuing the Business is 
an overall restructuring, which will include a combination of rationalising     
expenses, ringfencing viable projects, disposal of parts of the Business,       
disposal of certain contracts, entering into of joint ventures in respect of    
certain contracts, cancellation of unviable contracts and raising of capital.   
A business rescue plan containing the details of the overall restructuring will 
be prepared and is envisaged to be published on or about Wednesday, 11 July     
2012. A meeting of creditors is expected to be convened by Wednesday, 25 July   
2012 for consideration and possible adoption of the business rescue plan in     
terms of section 151 of the Act.                                                
The voluntary suspension of the Company`s shares remains in place and           
Shareholders are advised to continue to exercise caution when dealing in the    
Company`s securities until further information with regards to the above is     
provided.                                                                       
Bryanston                                                                       
22 June 2012                                                                    
Sponsor                                                                         
KPMG Services Proprietary                                                       
Limited                                                                         
Date: 22/06/2012 09:37:01 Supplied by www.sharenet.co.za                     
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