NOTICE OF COMMENCEMENT OF BUSINESS RESCUE PROCEEDINGS
The Directors of the Bateleur Group have decided to place the group of companies into voluntary Business Rescue.
The relevant documents were filed with the Companies and Intellectual Properties Commission on Friday the 26th August 2011. (See attached links)
The relevant documents were filed with the Companies and Intellectual Properties Commission on Friday the 26th August 2011. (See attached links)
In terms of the Companies Regulations 2011, Chapter 6 – Business Rescue: Part A – Business Rescue Proceedings, Regulation 123 Notices to be issued by a company concerning its business rescue proceedings the directors publish this notice on the website in terms of Regulation 123 (2) (b) (ii),
MESSAGE FROM THE BATELEUR CEO:
After a particularly difficult first half of 2011, the group has found itself in financial distress as a result of anticipated sales that were either delayed or cancelled as a result of the economic downturn.
The decision was taken to place the company into Business Rescue as there appears a reasonable prospect of successfully rescuing the company, as required by the act.
We have appointed Alastair Macduff as our Business Rescue Practitioner, as he has a wealth of local and international Turnaround and Business Rescue experience and is supported by a team of respected professionals, including Goldman Judin Inc.
Alastair is working on restructuring the business, reducing overheads and monitoring the Cash Flow, whilst working on the Business Rescue Plan, which will be distributed to all affected persons in due course as prescribed by the Companies act.
Bjørn (Sam) Selmer-Olsen
CEO
The decision was taken to place the company into Business Rescue as there appears a reasonable prospect of successfully rescuing the company, as required by the act.
We have appointed Alastair Macduff as our Business Rescue Practitioner, as he has a wealth of local and international Turnaround and Business Rescue experience and is supported by a team of respected professionals, including Goldman Judin Inc.
Alastair is working on restructuring the business, reducing overheads and monitoring the Cash Flow, whilst working on the Business Rescue Plan, which will be distributed to all affected persons in due course as prescribed by the Companies act.
Bjørn (Sam) Selmer-Olsen
CEO
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