CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(in business rescue)
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
(“CIG” or the “Company”)
TERMINATION OF LISTING OF ORDINARY SHARES OF THE COMPANY
Shareholders are referred to the announcements released on 10 November 2020 advising that the Company had commenced voluntary business rescue proceedings and on 25 November 2020 advising that the JSE has approved the voluntary suspension of trading in CIG shares, and to the Business Rescue Plan (the “BR Plan”) approved and adopted on 30 April 2021 wherein shareholders were advised that the business rescue practitioners (“BRPs”) intended to apply for the delisting of the Company from the JSE Limited (“JSE”), (the “Delisting”).
The BR Plan provides for the disposal of assets of the Company and its subsidiaries with no anticipated residual value being attributable to CIG shares following the proposed partial settlement of the Company’s creditors.
The Company no longer complies with the requirements and conditions imposed by JSE Listings Requirements for continued listing of the Company on the JSE in various material respects, including (inter alia) financial reporting requirements, requirements pertaining to assets and profitability, board and committee composition requirements and compliance with the corporate governance provisions of the JSE Listings Requirements and King IV. There is no prospect of the Company being in a position to do so in the future.
Accordingly, shareholders are advised that the BRPs and the Company made an application to the JSE to delist the Company from the JSE (the “Delisting”), which application was approved by the JSE on 5 July 2021 on the basis that the JSE may remove the listing of securities on JSE if (i) it will further one or more of the objects contained in section 2 of the Financial Markets Act No. 19 of 2012, which may also include if it is in the public interest to do so; or (ii) if the Company has failed to comply with the JSE Listings Requirements and it is in the public interest to do so.
The salient dates in respect of which the Delisting will be as follows:
Last day to trade in respect of the Delisting -Tuesday, 20 July
Record date in respect of the Delisting – Friday, 23 July
Delisting of the Company’s shares from the JSE – Monday, 26 July
9 July 2021