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WEA
WEA
WEA - Wearne - Update announcement relating to the Section 311 Schemes Of
Arrangement Meetings
WG WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
JSE code: WEA
ISIN: ZAE000078002
("Wearne" or "the company" or "the group")
UPDATE ANNOUNCEMENT RELATING TO THE SECTION 311 SCHEMES OF ARRANGEMENT MEETINGS
Wearne ("Holdings") announces that scheme meetings were held on 1 March 2011 at
14:00 ("the meetings") in respect of schemes of arrangement proposed by each of
Holdings ("the Holdings scheme") and its wholly owned subsidiaries Wearne Ready
Mixed Concrete (Pty) Limited ("Ready Mix"), Wearne Aggregates (Pty) Limited
("Aggregates") and Wearne Precast (Pty) Limited ("Precast") (jointly "the Wearne
companies") between each of the Wearne companies and their secured and
concurrent creditors (respectively the "Ready Mix scheme" the "Aggregates
scheme" and the "Precast scheme").
It is a condition precedent in each of the proposed schemes that all four
schemes be approved by the requisite majorities of creditors in both the
concurrent and secured classes, in order to obtain sanction of all four proposed
schemes. These conditions precedent have been inserted for the sole benefit of,
and may be waived in the discretion of, each of the Wearne companies.
At the meetings the requisite majority of votes in both the concurrent and
secured classes of creditors were achieved in respect of the Holdings scheme and
the Aggregates scheme but not in respect of the Ready Mix scheme and the Precast
scheme. Holdings and Aggregates have elected, as they are entitled to do, to
waive fulfilment of the condition precedent aforesaid, in order that application
may be made to the South Gauteng High Court, Johannesburg on 15 March 2011 for
sanctioning of the Holdings scheme and the Aggregates scheme.
The Directors are confident that the group will continue to conduct business
normally and pay all its legitimate creditors in full, on due date as and when
payment falls due, even though the Precast scheme and Ready Mix scheme will no
longer proceed. This view is based on the assurances of continued support that
the group has received from its major stakeholders.
Randburg
2 March 2011
Designated Adviser
Vunani Corporate Finance
Date: 02/03/2011 16:45:01 Produced by the JSE SENS Department.
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