A second legal attempt by Global Renewable Energy (GRE) to prevent the business rescue practitioners (BRPs) at Evraz Highveld Steel and Vanadium (Highveld) from presenting their rescue plan to creditors for a vote has been set aside.
The vote was initially scheduled for September 28. But the meeting was adjourned and is now due to be held in Emalahleni, Mpumalanga, on the morning of Tuesday October 13.
Highveld informed shareholders on Monday that GRE, which had subsequently been joined by Robin Beale and Bruno Quattro Engineering, sought to urgently interdict the BRPs from introducing the rescue plan for consideration by creditors.
The plan included a recommendation that International Resources Limited. of Hong Kong, be allowed to purchase the company, with R350-million made available in the bid to settle creditor debts. Should it proceed, creditors would receive between 15c and 29c for every rand owed to them.
GRE had made a rival offer for Highveld, in which it said it would settle all creditor debt. However, the BRPs had rejected the GRE offer, after the company failed to provide the $10-million refundable deposit required by the process to gain access to the virtual data room and complete a due diligence.
The urgent interdict application was heard on Friday, October 9, and was struck from the roll, owing to a lack of urgency.