ESOR LIMITED - Update on Business Rescue Proceedings in respect of Esor Construction (Pty) Ltd and Esor Limited

Release Date: 15/03/2019 12:00
Code(s): ESR
 
Wrap Text
Update on Business Rescue Proceedings in respect of Esor Construction (Pty) Ltd and 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 Construction (Pty) Ltd
and Esor Limited

Further to the previous SENS announcement issued on 14 February 2019 with reference to
the business rescue process of Esor Construction (Pty) Limited:

•   At a meeting of creditors of Esor Construction (Pty) Limited held on 5 March 2019 for
    purposes of considering and adopting the Amended Business Rescue Plan published by
    the Joint Business Rescue Practitioners, the votes of creditors who exercised their
    votes in person or by proxy on their claims, as at the Publication Date as defined in
    the Business Rescue Plan, were recorded at the meeting.

•   The business rescue plan was voted upon and was adopted by an overwhelming statutory
    majority of creditors present and voting.

•   Business Rescue Proceedings in respect of Esor Construction (Pty) Ltd commenced on
    13 August 2018 and ended on 8 March 2019 when the business rescue practitioner filed
    a Notice of Substantial Implementation.

•   The effect of this is that all creditors are now bound by the business rescue plan
    and that no creditor has any further claims against the company other than what is
    provided for in terms of the business rescue plan.

In respect of business rescue proceedings with regards to Esor Limited, shareholders are
advised that the business rescue plan is anticipated to be published by 29 March 2019.


Germiston
15 March 2019

Sponsor
Vunani Corporate Finance

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