QPG - Quantum Property Group Limited - Update to Shareholders regarding Business
Rescue Application Proceedings
QUANTUM PROPERTY GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1984/002788/06)
Share code: QPG ISIN: ZAE000125647
UPDATE TO SHAREHOLDERS REGARDING BUSINESS RESCUE APPLICATION PROCEEDINGS
Application initiated by ABSA
Shareholders are referred to the announcement released on SENS on Wednesday, 13
June 2012, regarding the resolution which was filed with the Companies and
Intellectual Property Commission ("CIPC") on Wednesday, 6 June 2012 by the board
of directors of A Million Up Investments 105 Proprietary Limited ("AMU"), a
wholly-owned subsidiary of QPG, to place AMU under business rescue as a
consequence of the required payment to Absa Bank Limited ("ABSA") in the amount
of R581 420 062.04.
An application had been initiated by ABSA, which was heard in the Western Cape
High Court on Friday, 15 June 2012, to set aside the resolution taken by the
board of AMU, to voluntarily commence business rescue proceedings and to place
AMU under supervision, thus declaring such resolution to be of no force or
Shareholders are advised that the Application by ABSA was successful and hence
AMU has been discharged from business rescue.
15 June 2012
Date: 15/06/2012 17:42:01 Produced by the JSE SENS Department.
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