| Fri 5 Jun 2015, 16:46 | | AFRICAN BANK LIMITED - African Bank Investments Limited voluntary business rescue - No impact on African Bank |
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African Bank Investments Limited voluntary business rescue - No impact on African Bank
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)
African Bank Investments Limited voluntary business rescue - No impact on African Bank
1. Stakeholders are referred to a Stock Exchange News Service ("SENS") announcement released
by African Bank Investments Limited (“ABIL”), African Bank’s listed holding company today, 5
June 2015 (“Voluntary Commencement of business rescue proceedings of the Company in
terms of the Companies Act).
2. Stakeholders are also referred to the statement regarding the Curatorship of African Bank ("the
Curatorship") made by the then Governor of the South African Reserve Bank ("SARB"), Ms. Gill
Marcus, on 10 August 2014 ("the SARB statement") and to the SENS announcements released
ABIL and African Bank on 26 September 2014, 10 December 2014, 3 March 2015, 31 March
2015, 28 and 29 May 2015 ("the Restructuring SENS Announcements").
3. When African Bank was placed in Curatorship, the powers of the Board of directors of African
Bank vested in the Curator.
a. The application for business rescue by ABIL therefore does not affect the Curatorship of
African Bank. The Bank continues to operate as before under the control of the Curator and
remains open for business.
b. Furthermore, the contractual relationship that African Bank has with ABIL’s subsidiary, The
Standard and General Insurance Company (“Stangen”), in terms of which Stangen
provides insurance products to African Bank customers, is also unaffected and remains
intact.
4. Finally, the Curator would like to reiterate that the restructuring of African Bank into the Good
Bank group structure remains on course, as described in the SARB statement and the
Restructuring SENS Announcements.
The Curator will make further announcements related to the operations and restructuring of African
Bank in due course.
On behalf of the Curator of the Bank
Midrand
5 June 2015
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Footnote : T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by the
Minister of Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of 1990 (as
amended) to manage the affairs of African Bank Limited subject to the supervision of the Registrar of
Banks. Please note that Mr Winterboer acts in the aforesaid capacity.
Date: 05/06/2015 04:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
