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Update in Respect of the Force Fuel (Pty) Ltd/Force Fuel Properties (Pty) Ltd BRP & their Anticipated Disposal
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat Africa” or “the Company”)
ISIN Code: ZAE 000018354 Share code: LAB
UPDATE IN RESPECT OF THE FORCE FUEL (PTY) LTD (“FF”) AND FORCE FUEL PROPERTIES (PTY) LTD (“FFP”)
BUSINESS RESCUE PLANS AND ANTICIPATED TRANSACTION RELATING TO THE DISPOSAL OF FF AND FFP
Shareholders and affected parties are referred to the announcement released on SENS on 30 July
2020 advising of the approval of the Force Fuel (Pty) Ltd and Force Fuel Properties ( Pty) Ltd (together,
“the companies”) business rescue plans (together, “the Business Rescue Plans”), which Business
Rescue Plans provide for a bidding process by which prospective investors may make an offer for
the companies.
Shareholders and affected parties are advised that firm offers contained in heads of agreement for
the companies have been received on the due date Friday, 20 November 2020. The group has thus
complied with the requirements of a disposal as set out in IFRS 5. The business rescue practitioner has
instructed the legal team to reduce the offers to formal agreements prior to the commencement of
the meeting of Creditors’ to be held for purposes of approving the successful bid. The outcome of
the Creditors’ vote on the successful bid will be final and binding on all parties.
Shareholders are reminded that in accordance with the parameters for the bidding process, the
successful bid is expected to, at a minimum, result in a Category 2 disposal transaction being
concluded by the company. The results for Force fuel and Force Fuel properties will as a result be
deconsolidated in the financial statements for the group ending 31 August 2020 as per IFRS 5. Full
details of the disposal will be announced once the process has been concluded.
Johannesburg
3 December 2020
Sponsor
AcaciaCap Advisors
Date: 03-12-2020 02:25:00
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