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GROUP FIVE LIMITED - Monthly update on the business rescue proceedings, disposals, post commencement finance and business rescue plan

Release Date: 21/08/2019 10:30
Code(s): GRF     PDF:  
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Monthly update on the business rescue proceedings, disposals, post commencement finance and business rescue plan

Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/000032/06)
Share code: GRF ISIN: ZAE000027405
("Group Five" or "the Company" or "the Group")

MONTHLY UPDATE ON THE BUSINESS RESCUE PROCEEDINGS, DISPOSALS, POST
COMMENCEMENT FINANCE AND BUSINESS RESCUE PLAN

Shareholders are referred to the SENS announcements of the 14th May, 20th June and 23rd
July 2019 which contained the monthly updates of the business rescue proceedings.

There have been no material disposals in the current month, with total proceeds once all
related conditions precedent have been met remaining fairly static at R1,2bn on a cumulative
basis on all disposals since the commencement of business rescue proceedings.

As noted previously, numerous of the disposals are subject to final agreements or conditions
precedent in order to be concluded. Where applicable, proceeds received from assets subject
to security agreements will, or have been, utilised to reduce the relevant secured debt, with
the balance of unsecured proceeds being applied to working capital requirements.

The BRPs continue to receive ongoing support from the lender consortium by way of post
commencement funding (PCF), including bilateral PCF on ongoing projects.

The business rescue practitioners will publish the Business Rescue Plan on 30 August 2019.

Shareholders are further advised that regular updates of the business rescue proceedings are
available on the Company’s website (www.g5.co.za)


21 August 2019

Sponsor

Nedbank Corporate and Investment Banking

Date: 21/08/2019 10:30:00
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