BRPS INITIATE GROUP FIVE DISPOSALS

Rescue practitioners (BRPs) for embattled construction company
Group Five on Friday announced that they would start with a series of
disposals to reduce financial liabilities as
part of   the company’s business rescue
proceedings.

BRPs David Lake and Peter van den Steen of Metis Corporate Advisory
believe the disposals will be in the best interest of the company and
stakeholders and say that, if not completed, the company will be unable to meet
its financial commitments
and sustain the business rescue
proceedings.

Group Five will have a business rescue
plan ready by the end of June, which will include details of the proposed
rescue plan for the company, as well as a summary of disposals effected to date
and those contemplated to effect the rescue of the company.

Meanwhile, the company will not be releasing its
interim results for the six months ended December 31, 2018, owing to business rescue
proceedings.

Group Five filed for business rescue in mid-March. http://www.engineeringnews.co.za/article/brps-initiate-group-five-disposals-2019-04-12/rep_id:413622