2.1 Further post commencement finance has been approved to keep the company
running until the end of June 2013.
3.1 The arbitration has been postponed sine die, pending the hearing of an interlocutory
application launched by the Claimant's in the arbitration, in the South Gauteng High
3.2 The interlocutory application has been launched, and the company has entered its
notice of opposition. The parties are currently in settlement negotiations in regards
to this application.
4. THE RESCUE OF THE COMPANY
4.1 As a result of requests received from the holders of the majority of the creditors'
voting interests, the timeline that was in place for the business rescue proceedings
has been revised as follows:
4.1.1 On 7 June 2013, a fresh notice in terms of section 145(5) of the Companies
Act was issued;
4.1.2 On 21 June 2013 the business rescue plan is to be published; and
4.1.3 On 1 July 2013, a meeting in terms of section 151 of the Companies Act is to
be held to consider and vote on the business rescue plan (time and place to
SIGNED AT CAPE TOWN THIS 18th DAY OF JUNE 2013