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Renewal of Cautionary Announcement - Force Fuel (Pty) Ltd and Force Fuel Properties (Pty) Ltd - Business Rescue
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB ISIN: ZAE000018354
(“Labat”, “the Group” or “the Company”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT - FORCE FUEL PROPRIETARY LIMITED AND
FORCE FUEL PROPERTIES PROPRIETARY LIMITED - BUSINESS RESCUE
Shareholders are referred to the announcements released on SENS on of 8 May 2020 and
22 June 2020 relating to the placing of Force Fuel (Pty) Ltd (“Force Fuel”), a wholly-owned
subsidiary of the Company, into Business Rescue and are advised that the Force Fuel
Properties (Pty) Ltd (“Force Fuel Properties”) has also been placed in to Business Rescue as
it is inextricably linked to Force Fuel in that the Force Fuel operations take place on the
properties owned by Force Fuel Properties and the properties stand as security for the loans
made by Standard Bank to Force Fuel.
Shareholders are advised that both the Force Fuel Business Rescue Plan and the Force Fuel
Properties Business Rescue Plan have been published. A copy of the Business Rescue Plans
will be available until Friday, 24 July 2020 and may be obtained from the Company’s
registered office, situated at 23 Kroton Avenue, Weltevreden Park, Johannesburg or from
Mr JC Henning, the Business Rescue Practitioner, who can be contacted on
ForceFuelBusinessRescue@sagacity.org.za in relation to the Force Fuel Business Rescue
proceedings and ForceFuelPropertiesBR@sagacity.org.za in relation to the Force Fuel
Properties Business Rescue proceedings.
Shareholders are reminded that the long-term debt that was acquired as part of the Force
Fuel acquisition is ringfenced in Force Fuel and Labat has not signed any security or cross
guarantees in relation to this bank funding. The intention is to safeguard the business of
Force Fuel and return it to profitability in due course. In the interim, the Business Rescue
Practitioners have received a number of approaches to acquire the business.
Creditors of Force Fuel and other holders of a voting interest are accordingly given notice
that a meeting of creditors and other holders of a voting interest in terms of Section 151 of
the Companies Act, 2008 (71 of 2008) (“the Act”) will be held at 11h00, on Friday, 24 July
2020 for the purpose of considering the Force Fuel Business Rescue Plan.
The meeting will be held via electronic communication as defined in section 1 of the
Electronic Communications and Transactions Act, 2002 (25 of 2002) where affected parties
will be able to:
• participate via video conference where an Affected Party will be able to hear the
statements and presentation made by the Practitioner;
• ask questions and receive answers, while being able to hear questions and answers
being asked by the other affected parties; and
• participate in a vote where, the poll will be recorded, and each participant’s vote
will be recorded in an open and transparent manner to ensure that the voting
occurs correctly.
Registration for the meeting will open at 10h30 on Friday, 24 July 2020 and registration should
occur at least 15 minutes before the start of the meeting. The link for registration is:
https://meet.google.com/pao-ccvk-jrp.
The agenda of the meeting will, inter alia, provide creditors with an opportunity to vote on
the following two options as set out in part B of the Force Fuel Business Rescue Plan:
• Option 1, which contains a plan to conclude a bidding transaction with a new
investor; or
• Option 2, which provides for the wind down of the Company and a sale of assets.
Should you be unable to attend the meeting to consider and vote on the Business Rescue
Plan, a proxy form may be obtained from the Business Rescue Practitioner at
ForceFuelBusinessRescue@sagacity.org.za This proxy form should be completed and
returned the Business Rescue Practitioner at: ForceFuelBusinessRescue@sagacity.org.za
prior to the commencement of the meeting on Friday, 24 July 2020.
Creditors of Force Fuel Properties and other holders of a voting interest are accordingly
given notice that a meeting of creditors and other holders of a voting interest in terms of
Section 151 of the Act will be held at 13h00, on Friday, 24 July 2020 for the purpose of
considering the Force Fuel Properties Business Rescue Plan.
The meeting will be held via electronic communication as defined in section 1 of the
Electronic Communications and Transactions Act, 2002 (25 of 2002) where affected parties
will be able to:
• participate via video conference where an Affected Party will be able to hear the
statements and presentation made by the Practitioner;
• ask questions and receive answers, while being able to hear questions and answers
being asked by the other affected parties; and
• participate in a vote where, the poll will be recorded, and each participant’s vote
will be recorded in an open and transparent manner to ensure that the voting
occurs correctly.
Registration for the meeting will open at 12h30 on Friday, 24 July 2020 and registration should
occur at least 15 minutes before the start of the meeting. The link for registration is:
https://meet.google.com/vnu-rywd-hrk.
The agenda of the meeting will, inter alia, provide creditors with an opportunity to vote on
the following two options as set out in part B of the Force Fuel Properties Business Rescue
Plan:
• Option 1, which contains a plan to conclude a bidding transaction with a new
investor; or
• Option 2, which provides for the wind down of the Company and a sale of assets.
The bidding process in respect of the subscription offers for both Force Fuel and Force Fuel
Properties will be conducted transparently via an end to end encrypted software platform
and will be adjudicated and voted on by the creditors of each company with the process
being facilitated by Webber Wentzel.
Creditors of Force Fuel and/or Force Fuel Properties who have not submitted a claim and
still wish to do so may obtain a copy of the relevant claim forms from the Business Rescue
Practitioner. Claim forms should be completed and returned to the Business Rescue
Practitioner at: ForceFuelBusinessRescue@sagacity.org.za in respect of claims against Force
Fuel and at: ForceFuelPropertiesBR@sagacity.org.za in respect of claims against Force Fuel
Properties.
Should there be a need to contact the directors of Force Fuel, Mr Gorden Walters may be
contacted at gorden@forcefuel.co.za.
The Board will continue to keep shareholders abreast of the Business Rescue processes as
and when needed.
Shareholders are accordingly advised to continue to exercise caution when dealing in the
Company’s securities.
For and on behalf of the Board
Johannesburg
21 July 2020
Sponsor
ARBOR CAPITAL SPONSORS
Date: 21-07-2020 03:34:00
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