Update Force Fuel & Force Fuel Properties Business Rescue Plans Anticipated Disposal of FF & FFP Renewal Cautionary
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
AND RENEWAL OF CAUTONARY ANNOUNCEMENT
Shareholders and affected parties are referred to the announcement released on SENS on 30 July
2020 and subsequent renewal of cautionary announcements last published on 21 October 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
Shareholders and affected parties are advised that signed offers 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 IFRS5. The business rescue practitioners (“BRPs”) have
appointed Webber Wentzel to evaluate the bids received and a recommendation on which bid is
the most favourable to the Company will be provided by the BRP’s 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 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.
Accordingly, shareholders are advised to continue to exercise caution in dealing in their securities
until a further announcement has been made.
25 November 2020
Date: 25-11-2020 07:05:00
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