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Sanyati results of meeting of creditors
Shareholders are referred to the SENS announcement of Wednesday, 18 July 2012 where the rationale and benefits of the proposed business rescue plan ("the Plan") were highlighted. The Plan was published on the company web site, www.sanyati.co.za On 25 July 2012 at 14h00 at KPMG Crescent, 85 Empire Road, Parktown the duly appointed business rescue practitioner, Trevor Murgatroyd ("the Practitioner") convened the meeting of creditors to determine the future of the company and consider the plan in terms of sections 151 and 152 of the Companies Act 71 of 2008 ("the Act").
The main asset of the company is its loan account to its main operating subsidiary, Sanyati Civil Engineering and Construction (Pty) Ltd. ("SCEC") amounting to R410 million. SCEC has been placed in liquidation. The proposed Plan therefore related to the continuing operation of the company and not the subsidiary.
Results of meeting
The total voting interests present at the meeting in person and/or by proxy amounted to R281 591 997. Ninety six percent (96%) of the total voting interests present and/or by proxy at the meeting voted against the adoption of the Plan and the proposals made therein. According to section 153 (1) the Practitioner sought a vote of approval to prepare and publish a revised plan. As the Plan had been rejected and there was no interest in a revised Plan, Section 153 (5) states that " ... the Practitioner must promptly file a notice of the termination of the business rescue proceedings" Pursuant to the obligation arising from Section 153 (5), the Practitioner is taking the necessary steps to terminate business rescue proceedings.
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