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Ellies, JSE-listed electronics manufacturer, to be liquidated after failed business rescue efforts

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Ellies,JSE,Electronics

JSE-listed electronics manufacturer and distributor Ellies is being liquidated after business rescue efforts failed to bear fruit. The company announced that attempts to resuscitate the business had gone belly up.

The business rescue practitioner concludes that there is no reasonable prospect of Ellies being rescued.

“Shareholders are referred to the announcement released on SENS on 31 January 2024 wherein it was advised that Ellies had entered into voluntary business rescue proceedings in terms of section 129 of the Companies Act, 71 of 2008, and the subsequent announcement of 6 February 2024 advising of the appointment of a business rescue practitioner in this regard,” says the company in a statement.

In 2021, Ellies concluded a BEE transaction with lmvula Education Empowerment Fund Trust achieving level 3 B-BBEE status.

 

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