| Thu 9 Dec 2010, 7:20 | | SKY - Sea Kay Holdings Limited - Sea Kay settles with the NHFC and continuation |
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SKY
SKY
SKY - Sea Kay Holdings Limited - Sea Kay settles with the NHFC and continuation
of the cautionary announcement
SEA KAY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/004967/06)
JSE code: SKY
ISIN: ZAE000102380
("Sea Kay" or the "company")
SEA KAY SETTLES WITH THE NHFC AND CONTINUATION OF THE CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement dated 26 February 2010, in which
it was advised that the National Housing Finance Corporation Ltd ("NHFC") had
served applications for liquidation on both Sea Kay and Sea Kay Engineering
Services (Pty) Ltd (a wholly owned subsidiary of Sea Kay), which applications
related to an outstanding balance on a loan granted by the NHFC to Sea Kay
Engineering.
Sea Kay is pleased to announce that it and the NHFC have signed a settlement
agreement which entails the withdrawal by the NHFC of the liquidation
applications referred to above and replacement thereof with an agreement in
terms of which Sea Kay will repay a significant portion of the outstanding
amount on or before 31 January 2011, and the repayment of a further amount, with
interest, over five years.
This settlement is significant to Sea Kay as it provides certainty and will
greatly assist in planning Sea Kay`s financial recovery.
Sea Kay wishes to acknowledge the efforts made by the NHFC, the National
Department of Human Settlements and the Gauteng Department of Human Settlements
to ensure that a settlement could be reached in the best interests of housing
delivery in South Africa.
The directors reiterate that Sea Kay`s expressed intentions to continue and
improve on the partnership with Government in order to ensure effective,
efficient, speedy and quality low-cost housing delivery in the country, still
remains a top priority of the company.
CONTINUATION OF CAUTIONARY ANNOUNCEMENTS
Shareholders are referred to the cautionary announcements, the last of which was
dated 19 November 2010, and are advised that that they should continue to
exercise caution when dealing in the company`s securities until further notice.
Johannesburg
9 December 2010
Sponsor
Vunani Corporate Finance
Date: 09/12/2010 07:20:05 Produced by the JSE SENS Department.
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