BRIEF-Labat Africa Says Force Fuel Placed Into Business Rescue

  • Reuters
  • Stock Market News
BRIEF-Labat Africa Says Force Fuel Placed Into Business Rescue

May 8 (Reuters) - Labat Africa Ltd LABJ.J :

* JSE: LAB - COVID-19 IMPACT & PLACING OF FORCE FUEL (PTY) LTD (“FORCE FUEL”) INTO BUSINESS RESCUE & CAUTIONARY ANNOUNCEMENT

* LABAT AFRICA LTD - LONG-TERM DEBT THAT WAS ACQUIRED AS PART OF FORCE FUEL ACQUISITION IS RINGFENCED IN FORCE FUEL

* LABAT AFRICA LTD - LABAT HAS NOT SIGNED ANY SECURITY OR CROSS GUARANTEES IN RELATION TO THIS BANK FUNDING

* LABAT AFRICA - AFTER INVESTIGATION, DIRECTORS OF FORCE FUEL HAVE RESOLVED TO PUT FORCE FUEL INTO BUSINESS RESCUE

* LABAT AFRICA - AFTER INVESTIGATION, DIRECTORS OF FORCE FUEL APPOINT JOHANNES (JOHN) CHRISTIAAN HENNING AS SENIOR BUSINESS RESCUE PRACTITIONER

* LABAT AFRICA LTD - AWAIT CONFIRMATION OF APPOINTMENT OF PRACTITIONER FROM CIPC

* LABAT AFRICA LTD - INTENTION IS TO SAFEGUARD BUSINESS OF FORCE FUEL AND RETURN IT TO PROFITABILITY IN DUE COURSE

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