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Edcon launches a consent solicitation process to sell its Legit-branded businesses and facilitate the implementation of its restructuring

03 November 2016

This announcement is for informational purposes only, and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Edcon Holdings Limited or its subsidiaries or affiliates (“Edcon” or the “Company”). This announcement is not for distribution or release in or into any jurisdiction in which offers or sales would be prohibited by applicable law.

Johannesburg, South Africa, November 3, 2016:  Edcon today announced that it has launched a consent solicitation (the “Consent Solicitation”) process by which it is seeking noteholder consent to amend certain provisions of the indentures governing its super senior notes due 2019 and senior secured notes due 2018 and 2019.  The Consent Solicitation follows Edcon’s October 13, 2016 announcement of the effective date of the lock up agreement (the “LUA”) with respect to the restructuring of Edcon’s entire capital structure (the “Restructuring”).  The amendments for which consents are sought in the Consent Solicitation are expected to facilitate the implementation of the Restructuring under the LUA by replacing the current trustee under the super senior notes due 2019 and senior secured notes due 2018 and 2019, The Bank of New York Mellon, with GLAS Trust Corporation Limited, and by further delaying the publication and delivery of its annual report for the fiscal year ended March 26, 2016, its quarterly report for the first quarter of fiscal year 2017 and its quarterly report for the second quarter of fiscal year 2017, until no later than December 31, 2016.  The need to delay publication and delivery of these reports relates to Edcon’s auditors’ ongoing review of the Company’s financial condition in light of the Restructuring.

Download: projectleopardconsentsolicitation.pdf


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