RBA HOLDINGS LIMITED - Update on meetings held in terms of the business rescue process
RBA 201604260038A
Update on meetings held in terms of the business rescue process
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 MEETINGS HELD WITH THE RESPECTIVE EMPLOYEE AND CREDITOR
REPRESENTATIVE COMMITTEES IN TERMS OF THE BUSINESS RESCUE PROCESS
Shareholders are referred to the announcement of 11 April 2016.
Trevor Glaum, the Business Rescue Practitioner (“BRP”), would like to provide the following
update as to the meetings that were held on 25 April 2016 with the elected employee and
creditor representative committees of RBA Developments (Jhb) (Pty) Ltd (In business
rescue), RBA Building Projects (Pty) Ltd (In business rescue) and RBA Homes (Pty) Ltd (In
business rescue), where feedback of the process to date was provided with, inter alia, the
following highlights:
1. All subsidiaries of RBA had been assessed and certain subsidiaries were placed in
business rescue as previously announced;
2. The executive committee of RBA is in the process of being restructured and the internal
structures and models are being analysed;
3. Several successful communication sessions had been held with the banks in
collaboration with the Housing Impact Fund of South Africa;
4. The focus is on streamlining internal processes and improving turnaround times;
5. The operational budget is being revised and the company will strive to construct 1,200
equivalent houses in 2016; and
6. The plan is to publish business rescue plans for RBA and the relevant subsidiaries in
business rescue towards the end of May 2016, with the required meetings to approve
the plans to be held during June 2016.
26 April 2016
Braamfontein
Designated Adviser
Exchange Sponsors
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