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Chemspec - liquidation and continued suspension
Update regarding the liquidation and continued suspension of shares Shareholders are referred to the announcements released on SENS on 3 August 2015, 11 September 2015 and 10 December 2015, regarding the Company being placed into provisional liquidation on 5 August 2015. The Joint Liquidators (“Liquidators”) appointed by the Master of the High Court Durban are: Eugene Nel, Thami Mshengu, Roselyn Noel and Selby Ntsibane. The Liquidators appointments were made final on the 18th November 2015.
1. The first liquidation and distribution (L&D)account was confirmed on the 6th July 2016;
2. The first L&D account only dealt with debtors collected thus far, as the landlord had lodged a claim in the amount of R609 529 597.52, which claim the Master of the High Court had rejected. As advised previously, the landlord had requested that we do not pay preferent and concurrent creditors and that we do not do a distribution on the movable assets as they believe that their part, or full claim constitutes a cost in the administration;
3. The liquidators engaged in the services of a Quantity Surveyor, as did the Landlord and a consensus was reached on the value of the landlords claim, save and except for the Landlords discrepancy relating to the Bulk Storage Tanks, Water Chiller Plant and Reception.
4. The liquidators have proposed a settlement and although the claim has not yet been settled, the liquidators intend on lodging the second L&D account before the end of June 2017.
5. Shareholders are advised that the liquidation process is ongoing and that the trading in the shares of the company remains suspended.
6. There will be no recovery for shareholders.
The statutory report, resolutions, circulars to creditors and liquidation & distribution account can be downloaded from the website: www.chemliq.co.za.
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