LABAT AFRICA LIMITED - Renewal of Cautionary Announcement - Force Fuel Proprietary Limited (“Force Fuel”) - Business Rescue
Renewal of Cautionary Announcement - Force Fuel Proprietary Limited (“Force Fuel”) - Business Rescue
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB ISIN: ZAE000018354
(“Labat”, “the Group” or “the Company”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT - FORCE FUEL PROPRIETARY LIMITED (“FORCE FUEL”) -
BUSINESS RESCUE
Shareholders are referred to the announcements released on 24 April 2020 and 8 May 2020
respectively, wherein shareholders were advised that the Board of the Company were
considering various options in relation to one of its subsidiaries, namely Force Fuel, following
the negative impact on the volumes of wholesale fuel due to the lockdown pursuant to the
COVID-19 pandemic.
Shareholders are advised that the appointment of Johannes (John) Christiaan Henning as
the Senior Business Rescue Practitioner has been approved by CIPC.
Shareholders are reminded that the long-term debt that was acquired as part of the Force
Fuel acquisition is ringfenced in Force Fuel and Labat has not signed any security or cross
guarantees in relation to this bank funding. The intention is to safeguard the business of
Force Fuel and return it to profitability in due course. In the interim, the Business Rescue
Practitioners have received a number of approaches to acquire the business.
The Board will continue to keep shareholders abreast of the business rescue process as and
when needed.
Shareholders are accordingly advised to continue to exercise caution when dealing in the
Company’s securities.
For and on behalf of the Board
BG van Rooyen GRI Walters
Chief Executive Officer Financial Director
Johannesburg
22 June 2020
Sponsor
ARBOR CAPITAL SPONSORS
Date: 22-06-2020 03:54:00
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