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CIL - update on business rescue proceedings
Shareholders are referred to the SENS announcement released on Tuesday, 10 November 2020 wherein shareholders were advised that the Company had commenced voluntary business rescue proceedings on 9 November 2020.
In accordance with section 132(3)(a) and section 132(3)(b) of the Companies Act, when the business rescue proceedings of a company have not concluded within 3 months of the date on which they started, a business rescue practitioner is required to –
- prepare a report on the progress of the business rescue, and update it at the end of each month until the end of the business rescue proceedings; and
- deliver the report and each update to each affected person and to the Companies and Intellectual Property Commission (“CIPC”).
Accordingly, notice is hereby given to the shareholders of the Company that the duly appointed joint business rescue practitioners of the Company, PF van den Steen and MDT Liebenberg, have prepared and released the sixth report on the status of the Company's business rescue proceedings.
The report has been delivered to the CIPC and distributed to all known affected persons via email and via upload to the Company website. As affected persons, shareholders are able to view the report at www.ciglimited.com, under the 'Business Rescue' tab.
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