GRF
GRF
GRF - Group Five Limited - Dubai Debt Moratorium
GROUP FIVE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/000032/06)
Share code: GRF ISIN: ZAE000027405
("Group Five" or "the group")
DUBAI DEBT MORATORIUM
Group Five has noted the recent request by Emirate of Dubai state-owned
developer Dubai World and its subsidiary Nakheel, for a temporary suspension of
debt repayments.
Group Five shareholders are advised that:
- The group does not have any exposure to Dubai World or to its real estate
subsidiary Nakheel;
- The group is involved in heavy infrastructure development in the region and
thus its client base is excluded from the Dubai debt moratorium communicated in
the public domain over the last couple of days; and
- This applies to both the group`s active and cancelled contracts.
Shareholders are reminded that the group`s Middle East operations include
operations in Dubai, Abu Dhabi and Jordan. All active contracts in all regions
continue to be executed within contractual terms and payment conditions.
With respect to the group`s two cancelled contracts the following update is
provided:
- Contracts cancelled at the beginning of this calendar year are in the
process of being resolved in an orderly manner;
- The sequence of the process involves measurement, final certification and
approval of final account of which the bulk of these steps have already been
completed, subsequent to the last communication with the market in August 2009;
- Payment, in terms of the payment plan previously agreed with the client,
can commence once all claims have been finalised. This has been reconfirmed with
the client; and
- The settlement process is being executed in accordance with the timeframe
previously communicated to stakeholders in August 2009.
Thus the group does not deem it necessary to amend its claim and debtor
recognition adopted in its reported results at June 2009.
Johannesburg
27 November 2009
Sponsor
Nedbank Capital
Date: 27/11/2009 15:34:02 Produced by the JSE SENS Department.
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