Brief: Afarak: Proposed Business Rescue Plan For Afarak Mogale

Afarak SE

10/09/2020 09:26

Sept 10 (Reuters) - Afarak Group Plc  AFAGR.HE :
    * REG-AFARAK MOGALE (PTY) LTD (IN BUSINESS RESCUE) –
PROPOSED
BUSINESS RESCUE PLAN
    * BUSINESS RESCUE PRACTITIONERS IN AFARAK MOGALE (PTY) LTD
("MOGALE") CIRCULATED TO ALL STAKEHOLDERS A PROPOSED BUSINESS
RESCUE PLAN PREPARED IN TERMS OF SECTION 150 OF COMPANIES ACT,
AND THAT A MEETING WILL BE HELD ON 16 SEPTEMBER 2020
    * IF PROPOSED BUSINESS RESCUE PLAN IS ACCEPTED, IT WILL LEAD
TO A
LOSS OF CONTROL AND RECLASSIFICATION TO DISCONTINUED OPERATION
OF MOGALE
    * IMPACT IS CURRENTLY BEING ASSESSED AND WILL BE QUANTIFIED
AFTER
APPROVAL OF PLAN, THOUGH WE DO NOT EXPECT THAT THIS LOSS OF
CONTROL WILL HAVE A NEGATIVE ACCOUNTING IMPACT

Source text for Eikon:  ID:nGNE8vczvW 
Further company coverage:  AFAGR.HE 

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