CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
(“CIG” or the “Company” or the “Group”)
DELAY IN THE REPORTING OF INTERIM FINANCIAL STATEMENTS
Shareholders are referred to the announcement released on Friday, 30 October 2020, wherein shareholders were advised that the publication of CIG’s interim financial results for the six months ended 30 June 2020 (“Group results”) has been delayed and the announcement released on Tuesday, 10 November 2020 wherein shareholders were advised that the Company had commenced voluntary business rescue proceedings.
Shareholders are advised that Petrus van den Steen and Martin du Toit Liebenberg have accepted the appointment as joint business rescue practitioners to CIG as well as Consolidated Power Projects Proprietary Limited.
The business rescue practitioners are required to prepare and complete their business rescue plan. This will require some time. The outcome of the business rescue plan, and subsequent engagement with key stakeholders such as lenders to the Group, will inform the appropriate asset and liability recognition for the Group results and determine the basis of presentation of the Group results.
As a result, CIG is not able to report its interim results at this time. Reporting obligations in respect of the Group results will be reviewed and addressed in light of the business rescue proceedings currently underway and the financial distress underlying the Company’s voluntary election to commence business rescue proceedings.
A further announcement updating shareholders in this regard will be made in due course.
16 November 2020