Metrofile Holdings Limited - Creditors Scheme Of Arrangement: Issue Of Loan
Notes
Metrofile Holdings Limited(Formerly MGX Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
Share code: MFLISIN: ZAE000061727
(`Metrofile Holdings` or `the Company`)
CREDITORS SCHEME OF ARRANGEMENT: ISSUE OF LOAN NOTES
Pursuant to the scheme of arrangement in terms of section 311 of the CompaniesAct, 1973 (Act 61 of 1973) proposed by Metrofile Holdings to certain of its
creditors (`scheme creditors`) which came into effect on 4 March 2004 (`the
creditors scheme of arrangement`), Metrofile Holdings and Westrust (Proprietary)
Limited, the appointed Receiver to the creditors scheme of arrangement, herebyannounce that Metrofile Holdings has issued secured interest-bearing redeemable
convertible loan notes (`the loan notes`) to the scheme creditors, in settlement
of their claims against Metrofile Holdings.
The loan notes, having an aggregate face value of R280 million being the capitalamounts at 4 March 2004 accruing interest at prime plus three percent, have been
issued as follows:
- R62.7 million loan notes to third party scheme creditors; and
- R217.3 million loan notes to subsidiaries of Metrofile Holdings for loanaccount claims against Metrofile Holdings that are ceded as security to the
creditors of Metrofile (Proprietary) Limited and of Metrofile Holdings (as set
out in more detail in the interim results announcement published on SENS on
27 June 2005).No loan notes have been issued for contingent liabilities that have not yet
crystallised into concurrent claims.
Johannesburg
29 June 2005Sponsor
STANDARD BANKDate: 29/06/2005 12:36:32 PM Produced by the JSE SENS Department
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