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AGI -- termination of listing
The JSE advised that AGI has confirmed, inter alia, the following to the JSE:
- AGI's listing on the JSE has been suspended since 29 November 2009 at the request of the board of directors as AGI was no longer in a position to trade in the ordinary course of business.
- AGI and its subsidiaries ("the Group") experienced trading and consequent liquidity difficulties during 2009.
- On 26 November 2010 the consortium of banks that had previously funded the Group claimed its securities over the assets of the Group.
- On 8 December 2010 the South Gauteng High Court Johannesburg granted provisional liquidation orders for the main operating, trading and holding companies in the Group.
- Between that date and today, the following developments occurred:
- * Final liquidation orders were granted with respect to all the companies in the Group that were selected by creditors for liquidation.
- * The liabilities of the AGI group were such that the banks were the only creditors to receive any liquidation proceeds.
- During the period in which the liquidation process has been ongoing, all companies outside of the liquidation process, including AGI, have had no access to any resources of any nature whatsoever in order to wind up their affairs, including no staff, no place of business and no financial records or information available to them.
- An application has recently been made to CIPC to finalize the deregistration of the remaining companies, including AGI
As a result of the above, AGI has requested that the JSE terminate its listing on the JSE. The JSE has agreed to the termination with effect from the commencement of business on Tuesday, 27 August 2013. The record date to determine the shareholders' register will be Friday, 23 August 2013.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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