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Report in terms of S 132 (3) (a) 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 February 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 and option to buy agreement
between the Company and ArcelorMittal South Africa Limited
was concluded during December 2016.
2.2. The refurbishment of the Structural Mill is expected to be
completed by April 2017.
2.3. Once the refurbishment has been completed, the Structural
Mill assets will be sold 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. It is expected that the Structural Mill will commence
production immediately thereafter.
Other Strategic Assets
2.5. The joint BRPs continue to engage with buyers on several of
the Company’s strategic assets.
Update Meeting:
2.6. A general meeting of affected persons was held on 24 February
2017 to provide affected persons with an update on the
business rescue proceedings and to discuss the way forward.
The presentation presented will be made available on the
Company’s website.
3. Proof of Claims
3.1. The claims submission period has closed.
3.2. Creditors are still being informed on a) whether their claim
has been accepted and b) the quantum of such claim.
3.3. Please refer any questions or queries relating to your claim
to evrazhighveld@matusonassociates.co.za
4. Litigation
4.1. The papers filed to date in the application and action against
Air Liquide (Pty) Limited are available on the Company’s
website.
4.2. Air Liquide has issued an application for substituted service
as well as a joinder application. These papers are also
available on the Company’s website.
4.3. Affected Persons will be advised of further updates.
5. 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.
6. Conclusion
It is the joint BRPs’ view that Proposal 3 will result in a better
outcome for all affected persons than a liquidation.
eMalahleni
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2 March 2017
J.P. Morgan Equities South Africa (Pty) Ltd.
Sponsor
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