InvestorsHub Logo
Followers 20
Posts 7168
Boards Moderated 0
Alias Born 03/02/2013

Re: None

Wednesday, 12/07/2016 6:03:05 PM

Wednesday, December 07, 2016 6:03:05 PM

Post# of 14330
Where is the GBGLF business rescue... How were the shares restructured? If at all?

SOUTHGOLD PROPRIETARY LIMITED
>Southgold was a member of the Great Basin Gold (GBG) group of companies with its main business of mining exploration

>GBG was a Canadian company listed on the Toronto Stock Exchange

>Company is the owner of the Burnstone mine – Mpumalanga

>Southgold was placed under business rescue on 14 September 2012, pursuant to a voluntary resolution passed by the board of directors and Peter van den Steen was appointed as the business rescue practitioner

>Provision of post-commencement funding by secured lenders


http://www.tma-sa.com/events/tma-sa-conference-2015/80-13-35-pm-jared-n-and-eric-l-werksmans-attorneys/file.html

SOUTHGOLD PROPRIETARY LIMITED
>Conclusion of a restructuring and support agreement between the business rescue practitioner, the secured lenders and the noteholders

>Transaction structured as a –

>restructure of Southgold’s shares in certain subsidiaries

>transfer of intra-group assets to Southgold

>sale of the shares in Southgold to Wits Gold for R1

>restructure of Southgold’s debt and security to the secured lenders. Debt to be repaid over time

>payment by the secured lenders and Wits Gold of amounts to be made available for payment to noteholders and trade creditors upon closing of the transaction

http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.