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DELTA EMD LIMITED - Voluntary Announcement: Notice To Creditors

Release Date: 10/04/2019 15:59
Code(s): DTA     PDF:  
 
Wrap Text
Voluntary Announcement: Notice To Creditors

Delta EMD Limited
Incorporated in the Republic of South Africa)
Registration number 1919/006020/06
ISIN: ZAE000132817
Share code: DTA
(“Delta EMD” or “the Company”)

VOLUNTARY ANNOUNCEMENT: NOTICE TO CREDITORS

Following the approval granted to the Board by Shareholders on 9 May
2014 to cease and discontinue the business of Delta EMD and its
subsidiaries (“Group”) in a phased and orderly manner, Delta EMD
embarked on a sale process to dispose of all the Group’s assets for
the best market value with a view to subsequently winding-up or
deregistering Delta EMD. In the last quarter of 2018, Delta EMD sold
its last remaining investment, being its entire shareholding in its
subsidiary EMD Investments Proprietary Limited. The only remaining
asset of Delta EMD is cash. On 29 March 2019, an interim dividend of
R0.70 per Delta EMD Share was declared by the Board.

As stated in the financial results for 12 month ended 27 December 2018,
the Board intends to seek shareholder approval to distribute the
greater part of the remaining cash balance as a special dividend and
that Delta EMD be thereafter voluntarily wound up and its listing on
the JSE terminated. All cash remaining after satisfying all outstanding
liabilities, the costs of the delisting and the costs of the winding-
up will eventually be distributed to Shareholders as a liquidation
distribution.

In anticipation of the declaration and payment of the special dividend
and subsequent winding-up of Delta EMD, the Board invites all creditors
of Delta EMD to submit full details of their claims, against Delta EMD
for assessment, to its Corporate Law Advisors, Taback and Associates
Proprietary Limited, at 13 Eton Road, Parktown, Johannesburg marked
for the attention of C Keene and S Tumber or electronically to
ck@tabacks.com and st@tabacks.com within 30 days from the date of this
announcement.


10 April 2019
Nelspruit

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

Corporate Law Advisors
Taback and Associates Proprietary Limited

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