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AFRISTRAT INVESTMENT HOLDINGS LIMITED - Liquidation Application Update

Release Date: 08/03/2024 17:18
Code(s): ATIFX7 ATIFX8 ATIFX9 ATIZR3 ATID ATIG ATI     PDF:  
Wrap Text
Liquidation Application Update

AFRISTRAT INVESTMENT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ATI - ISIN: ZAE000305959
Debt Issuer Code: ATID
Hybrid Issuer Code: ATIG
("Afristrat" or "the Company" or "the Group")


LIQUIDATION APPLICATION UPDATE


Holders of securities are referred to the 'Liquidation Announcement' released on SENS on 6 March 2024
wherein Afristrat advised, inter alia, that on 1 March 2024 the Board had resolved that:

-     the Company is unable to pay its debts; and the Company is not meeting the solvency and liquidity
      test as set forth in section 4 of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies
      Act") and therefore it will be just and equitable to wind up the Company; and

-     the Company must proceed with a liquidation application in terms of section 344(f) and/or 344(h)
      of the Companies Act, 1973, as the Company is commercially insolvent ("Voluntary Liquidation
      Application").

Holders of securities are further referred to the 'Update on Liquidation Application' announcement
released on SENS on 24 July 2023 and, using the terms defined therein unless otherwise stated, are hereby
advised that the creditor of the Company ("Creditor Applicant") who had launched its own liquidation
application against the Company ("Creditor Application"), which Creditor Application had been set down
on the unopposed motion roll to be heard on 20 July 2023 and subsequently removed pending the outcome
of the Liquidation Application, intends to re-enroll the matter. The Creditor Applicant is currently awaiting
a new date for the matter to be heard.

Consequently, Afristrat will not be able to proceed with its Voluntary Liquidation Application at this time
as the Creditor Application will take precedence.

Shareholders will be kept appraised of the above by way of a further SENS announcement.


8 March 2024
Centurion

Sponsor
Merchantec Capital

Date: 08-03-2024 05:18:00
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