Group Five tells shareholders to be patient | IOL Business Report

Group Five’s business rescue practitioners said yesterday that at this stage it was very unlikely that shareholders would receive any value back on their investments. Photo: Simphiwe Mbokazi African News Agency .Group Five’s business rescue practitioners said yesterday that at this stage it was very unlikely that shareholders would receive any value back on their investments.

In an update on its business rescue, Group 5 said a shareholder update meeting had been held yesterday. Further post-commencement finance funding from a lender consortium had been secured, and the business rescue process remained on track. Further agreements had been entered into for the disposal of the African SMEIP business and shares in subsidiary companies; the Northpoint property development; various properties not being utilised; and plant and assets.

The disposals were expected to realise R1billion, which was expected to be used to reduce debt and to settle working capital requirements, the business rescue practitioners said in a statement.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Friday, June 21: Five Things You Need to Know to Start Your DayDonald Trump again downplayed an Iranian attack after a Navy drone was shot down, and oil surged the most in three years on the news. Xi Jinping makes a landmark visit to North Korea. And the quant known as Mr. Bear turned bullish at just the wrong time. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Short Seller That Targeted Noble Group Takes Aim at TrafiguraIceberg Research, the short seller that targeted commodities trader Noble Group Ltd., has another trading house in its sights: Trafigura Group Ltd.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: June 20: Five Things You Need to Know to Start Your DayThe U.S. Federal Reserve held its rate and scrapped its “patient” approach in a prelude to a possible cut. Asian equitiy futures may rise after U.S. stocks rallied for a third day. And an Australian hedge fund bags a 74% gain on millennials and iron. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »