Group Five business rescue plans overwhelmingly approved by shareholders

Shareholders in JSE-listed construction and engineering company Group Five have voted overwhelmingly in favour of the business rescue plans for the listed entity and Group Five Construction, its main operating subsidiary.

Van den Steen and Lake said they were extremely pleased that independent parties gave them such an overwhelmingly positive vote of confidence. Haroon Laher of Fasken, the independent chair of the committee of creditors, said ahead of the vote at the meeting on Wednesday that as an independent chair representing the rights of creditors, he had fully considered the circumstance Group Five was in at the commencement of business rescue, the alternatives available to the group and the potential of a liquidation, as well as the urgency to preserve contracts and jobs and allow the group to continue contributing to an already strained South...

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