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Edcon Announces the Occurrence of the Effective Date of the Lock-Up Agreement in Support of its Comprehensive Restructuring

13 October 2016

Johannesburg, South Africa, October 13, 2016: The Edcon Group previously announced, on September 20, 2016 (the “Transaction Announcement”), that certain entities in the Edcon Group and certain of the Edcon Group’s creditors, accounting for 80% of the outstanding principal amount of the secured debt of the Edcon Group, had provided signatures in respect of a lock-up agreement (the “LUA”), pursuant to which the parties to the LUA would agree to the key terms of a comprehensive restructuring of the Edcon Group’s entire capital structure (the “Restructuring”), including a significant decrease in the outstanding amount of third-party debt of Edcon Limited and a transfer of control over the Edcon Group’s operating companies from its current sponsor to certain of the Edcon Group’s existing creditors. Today, the Edcon Group announced that, as of October 13, 2016, the various conditions precedent to the occurrence of the effective date of the LUA have been satisfied, such that the LUA became binding on all parties thereto. The Edcon Group will now proceed to implement the Restructuring pursuant to the terms and conditions of the LUA.

Download: edcon_announces_the_occurrence_of_the_effective_date_20161014.pdf


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