RBA HOLDINGS LIMITED - Update on business rescue process of the companies in business rescue in the RBA Group
RBA 201604110012A
Update on business rescue process of the companies in business rescue in the RBA Group
RBA HOLDINGS LIMITED (IN BUSINESS RESCUE)
(Incorporated in the Republic of South Africa)
(Registration number: 1999/009701/06)
(Share Code: RBA ISIN Code: ZAE000199642)
(“RBA” or “the Company”)
UPDATE ON BUSINESS RESCUE PROCESS OF THE COMPANIES IN BUSINESS RESCUE IN THE RBA GROUP
Shareholders are referred to the announcements of 11 March 2016. Trevor Glaum, the
Business Rescue Practitioner (“BRP”), would like to provide the following update as
to the business rescue process and a general update of the RBA group.
1. ANNUAL FINANCIAL STATEMENTS (“AFS”) FOR THE YEAR ENDED 31 DECEMBER 2015
As noted previously the Audit and Risk Committee and the Board has been requested by
the Business Rescue Practitioner (“BRP”) to sign off the AFS for 2015.
As the timeline stands currently the intention is to release the audited AFS for 2015
by June 2016 in order to accommodate the implications of RBA being in business rescue.
2. PROGRESS SINCE THE PREVIOUS REPORT
The CEO, AJ Rothman, had resigned and Des Hughes had been appointed as acting CEO as
announced on 17 March 2016.
The COO, Francois le Roux had resigned effective 11 April 2016.
Three additional subsidiaries, RBA Building Projects (Pty) Ltd, RBA Homes (Pty) Ltd
and RBA Executive Homes (Pty) Ltd (“Additional Subs”), had been placed in business
rescue as announced on 30 March 2016.
The employee and creditors’ meetings for the Additional Subs will be held from 11 to
13 April 2016 where the current status of the business rescue process will be discussed.
3. NEXT STEPS
As part of the process in formulating the business rescue plan, the BRP continues to
work closely with management to reduce costs in the endeavour to restore the RBA Group
to solvency.
11 April 2016
Braamfontein
Designated Adviser
Exchange Sponsors
Date: 11/04/2016 12:37:00 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.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
