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AFRISTRAT INVESTMENT HOLDINGS LIMITED - Renewal of Cautionary Announcement

Release Date: 12/04/2024 16:00
Code(s): ATIFX7 ATIFX8 ATIFX9 ATIZR3 ATID ATIG ATI     PDF:  
Wrap Text
Renewal of Cautionary Announcement

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")


Renewal of Cautionary Announcement


Shareholders are referred to the 'Business update on legal actions, Event of Default, proposed
debt restructuring, rationale for a capital raise and Cautionary Announcement' ("Cautionary
Announcement") released on SENS on 12 May 2022, and the subsequent renewal of cautionary
announcements, the last of which is dated 27 February 2024. Shareholders are further referred
to the 'Quarterly Progress Report - 31 March 2024' announcement released on SENS on
28 March 2024 (and using the terms defined therein unless otherwise stated) wherein Afristrat
advised, inter alia, that:

-   the Company had been unable to make additional progress with regard to its restructuring
    initiatives process due to its Suspension and the Liquidation Application;

-   the Group is unable to continue as a going concern; and

-   Afristrat will not be able to proceed with its Voluntary Liquidation Application at this time
    as the Creditor Applicant who had launched its own application against the Company
    ("Creditor Application"), intends to re-enroll the matter. The matter takes preference
    over the Voluntary Liquidation Application.

Shareholders are further referred to the 'Liquidation Application Update' announcement released
on SENS on 12 April 2024 wherein Afristrat advised, inter alia, that the Creditor Application
cannot be re-enrolled at this time as the liquidation application filed by an ordinary shareholder
of the Company ("the Application") which was dismissed with costs, has submitted an
application for leave to appeal ("Leave Application") which will take precedence. The Company
awaits a court hearing date for the application to be heard.

The Board will wait for the outcome of the Leave Application before it can act on the conclusions
reached on the going concern assessment performed by the Board.

Accordingly, shareholders are advised to continue exercising caution when dealing in the
Company's securities until a further announcement is made.


12 April 2024
Centurion



Sponsor
Merchantec Capital

Date: 12-04-2024 04:00:00
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