| Fri 22 Jun 2012, 9:37 | | SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and |
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SAN
SAN
SAN - Sanyati Holdings Limited - Outcomes of the first meetings of creditors and
Employees and Employee Representatives
Sanyati Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1988/002538/06
Share code: SAN
ISIN code: ZAE000081055
("Sanyati" or "the Company")
Outcomes of the first meetings of creditors and employees and employee
representatives
Sanyati shareholders ("Shareholders") attention is drawn to the announcement on
SENS on Friday, 15 June 2012, whereby Shareholders were notified of the
convening of the first meetings ("Meetings") of creditors and employees and
employee representatives of Sanyati and Sanyati Civil Engineering and
Construction Proprietary Limited ("SCE&C") as required in terms of the business
rescue proceedings detailed in Chapter 6 of the Companies Act, No. 71 of 2008,
as amended ("the Act").
Further to this announcement, Shareholders are advised that the Meetings took
place as scheduled on Wednesday, 20 June 2012, and that Mr Trevor Murgatroyd,
the appointed business rescue practitioner to both the Company and SCE&C
(collectively "the Business"), advised the attendees of the Meetings, inter
alia, that he believes the only reasonable prospect of rescuing the Business is
an overall restructuring, which will include a combination of rationalising
expenses, ringfencing viable projects, disposal of parts of the Business,
disposal of certain contracts, entering into of joint ventures in respect of
certain contracts, cancellation of unviable contracts and raising of capital.
A business rescue plan containing the details of the overall restructuring will
be prepared and is envisaged to be published on or about Wednesday, 11 July
2012. A meeting of creditors is expected to be convened by Wednesday, 25 July
2012 for consideration and possible adoption of the business rescue plan in
terms of section 151 of the Act.
The voluntary suspension of the Company`s shares remains in place and
Shareholders are advised to continue to exercise caution when dealing in the
Company`s securities until further information with regards to the above is
provided.
Bryanston
22 June 2012
Sponsor
KPMG Services Proprietary
Limited
Date: 22/06/2012 09:37:01 Produced by the JSE SENS Department.
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