EVRAZ HIGHVELD STEEL & VANADIUM LTD - Update of Cautionary Announcement on Business Rescue Proceedings of Highveld
EHS 201504300009A
Update of Cautionary Announcement on Business Rescue Proceedings of Highveld
Evraz Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
(“Highveld” or “the Company”)
Update of Cautionary Announcement on Business Rescue Proceedings of
Highveld
Shareholders are referred to the announcement released by the Company on 14
April 2015 wherein shareholders were advised that the board of the Company
had resolved on 13 April 2015 to commence business rescue proceedings in
terms of section 129 of the Companies Act, 2008 (“the Act”),(“the
Resolution”).
An update on the status of the Company’s business rescue proceedings is set
out below.
1. Filing of the Resolution
The Resolution was filed by the Company with the Companies and
Intellectual Property Commission ("CIPC") on 13 April 2015 and the
commencement date of the Company’s business rescue proceedings is
accordingly 13 April 2015, in terms of section 132(1)(a)(i) of the
Act.
2. Confirmation of the appointment of the joint business rescue
practitioners
On 13 April 2015 the Company appointed Messrs Piers Marsden (of
Matuson & Associates Proprietary Limited) and Daniel Terblanche (of
Mazars Business Rescue Services Proprietary Limited) as its joint
business rescue practitioners (“the BRP’s”). The BRP’s accepted their
appointment as the Company’s BRP’s on 13 April 2015 and their
respective appointments were confirmed by the CIPC on 15 April 2015.
3. Notice of the beginning of the Company’s business rescue proceedings
and the appointment of the BRP’s
The Company has distributed a notice of the beginning of its business
rescue proceedings (setting out the effective date of the
Resolution), attaching the Resolution as well as the sworn statement
of the facts relevant to the grounds on which the Resolution was
founded, to all Affected Persons as required by section 129(3)(a) of
the Act. The Company has also distributed a notice to all Affected
Persons in terms of section 129(4)(b) of the Act, notifying them of
the appointment of the BRP’s and attaching their respective notices
of appointment. Shareholders are advised that copies of these notices
are available at businessrescue@mazars.co.za and on the Company’s
website at www.evrazhighveldsteel.co.za.
4. Notice of first meeting with Employees and Creditors
Notice was given to employees of the Company of the first meeting
with BRP’s on 29 April 2015 and the first Creditors’ meeting on 30
April 2015. Shareholders are advised that copies of these notices are
available at businessrescue@mazars.co.za and on the Company’s website
at www.evrazhighveldsteel.co.za.
5. Renewal of cautionary announcement dated 14 April 2015
Shareholders are advised to continue exercising caution when dealing
in shares of the Company.
eMalahleni
30 April 2015
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
Date: 30/04/2015 08:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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