EVRAZ HIGHVELD STEEL AND VANADIUM LTD EVRAZ Highveld Steel and Vanadium Limited (Incorporated in the Republic of South Africa) (Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
("Highveld" or "the Company") Section 189 Notice
On the 8 th of February 2016, the Department of Labour ("DoL") informed the Company of its decision to "pause" the payments of the Training Layoff Scheme ("TLS") stipend, in response to the announcement that the IRL transaction has failed.
The Company's receipt of the stipend payment by 8 February 2016 was a condition for the TLS Agreement to become valid and enforceable. As a result of the DoL's suspension of the TLS stipend payment, this condition has not been met. In the absence of TLS support and alternative funding, the Business Rescue Practitioners will now look at option three in the Business Rescue Plan, which is the option of a wind-down of the Company, that would see the retrenchment of all employees and the issuing of notices in terms of Section (189) of the Labour Relations Act 66 of 1995 ("LRA"). The Business Rescue Practitioners will provide an update on 23 February 2016.
eMalahleni
15 February 2016
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Evraz Highveld Steel and Vanadium Limited issued this content on 17 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 February 2016 09:05:27 UTC
Original Document: http://www.evrazhighveld.co.za/SENS/EVRAZ HV SENS Announcement_Sect 189 Process 15-2-2016.pdf
