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Memorandum Koonfontein 21 Oct 2019

MEMORANDUM

 

TO:        ALL MEMBERS OF UASA-THE UNION: KOORNFONTEIN MINES      

FROM:    ADVOCATE NICK VAN ROOYEN

        DIVISIONAL MANAGER: LEGAL & SPECIALIST SERVICES

DATE:     OCTOBER 21, 2019

SUBJECT:     BUSINESS RESCUE PROCESS:  

    KOORNFONTEIN MINES (Pty.) LIMITED (“KFM”): CREDITORS MEETING

 

Background

The creditors meeting in respect of KFM took place on Friday October 18, 2019 in Fourways.

The purpose of the creditors meeting was in order to present the Business Rescue Plan (“BRP”) to creditors and permit attendees an opportunity to seek greater clarity and amplification on the BRP.

The three (3) successful bidders for the purchase of KFM were as follows:

  1. AEFMFC-LURCO (“LURCO”);
  2. ORCHID MINING CONSORTIUM (OMC”);
  3. BLACK ROYALTY MINERALS (“BRM”).

MANDATE

Members of UASA-The Union mandated the union to accept the bid of LURCO. A concern was raised by UASA-The Union’s Legal Officer: Compliance Janek Wilimiec regarding the absence of capital funding in the LURCO bid.

Thecreditors voted overwhelmingly in favour of the LURCO bid, subject to the consortium confirming capital funding for the purchase no later than Friday October 25, 2019.

The creditors also voted to confirm BRM as the second successful bidder in the event that LURCO did not provide proof of financial funding. BRM had already confirmed capital funding in its bid to the BRPs.

 

Yours faithfully

ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES


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