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Monthly update on the business rescue proceedings, disposals, post commencement finance and business rescue plan
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/000032/06)
Share code: GRF ISIN: ZAE000027405
("Group Five" or "the Company" or "the Group")
MONTHLY UPDATE ON THE BUSINESS RESCUE PROCEEDINGS, DISPOSALS, POST
COMMENCEMENT FINANCE AND BUSINESS RESCUE PLAN
Shareholders are referred to the SENS announcements of the 14 May 2019 and 20th June
2019 which contained the monthly updates of the business rescue proceedings.
In addition to the disposals announced in the above communications, further sales of plant
and assets not being utilised in the ordinary course of business were effected in the past
month, with total proceeds of R1,2bn now being realisable on a cumulative basis on all
disposals since the commencement of business rescue proceedings.
As noted previously, numerous of the disposals are subject to final agreements or conditions
precedent in order to be concluded. Where applicable, proceeds received from assets subject
to security agreements will, or have been, utilised to reduce the relevant secured debt, with
the balance of unsecured proceeds being applied to working capital requirements.
The business rescue practitioners (“BRPs”) continue to receive ongoing support from the
lender consortium by way of post commencement funding ensuring that the business rescue
process remains on track.
As noted in the SENS announcement of 27 June 2019, the BRPs received approval from the
majority of the creditors to extend the publication date of the Business Rescue Plan in terms
of section 150(5)(b) of the Companies Act to 30 August 2019.
Shareholders are further advised that regular updates of the business rescue proceedings are
available on the Company’s website (www.g5.co.za)
23 July 2019
Sponsor
Nedbank Corporate and Investment Banking
Date: 23/07/2019 04:34:00
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