EVRAZ HIGHVELD STEEL & VANADIUM LTD - Resolution to legal dispute between Evraz Highveld Steel and Vanadium Limited and SASFIN Bank
EHS 201505270065A
Resolution to legal dispute between Evraz Highveld Steel and Vanadium Limited and SASFIN Bank
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”)
Resolution to legal dispute between Evraz Highveld Steel and Vanadium
Limited and SASFIN Bank
Highveld announced on 25 May 2015, as it is required to do in terms of
sections 145 and 146 of the Companies Act, 71 of 2008, that the Board’s
appointed business rescue practitioners (“the BRPs”) launched an urgent
High Court application against Sasfin Bank Limited (“Sasfin”).
On Wednesday 27 May 2015, the parties settled the application on
acceptable terms, which will now immediately permit the release of the
Company’s debtors’ book. This will enable the BRPs to procure necessary
additional external funding.
As previously mentioned, a separate action will be instituted by Highveld
against Sasfin to recover the penalties levied by Sasfin.
eMalahleni
27 May 2015
Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd.
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