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BRIKOR LIMITED - Lifting of suspension

Release Date: 23/07/2020 08:00
Code(s): BIK     PDF:  
Wrap Text
Lifting of suspension

BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/013247/06)
(Share Code: BIK ISIN Code: ZAE000101945)
(“Brikor” or “the Company” or “the Group’’)



Lifting of suspension



Brikor was placed into provisional liquidation on 30 July 2013 and the trading of shares of the company
on the JSE Limited (“JSE”) was suspended 31 July 2013. Brikor came out of provisional liquidation on
2 October 2015.


Shareholders are advised that the JSE has approved the lifting of Brikor’s suspension with effect from
23 July 2020.


In order to provide shareholders will the current status of the business, the following information is
disclosed below.

1)        Nature and history of the business


Brikor is a manufacturer and supplier of bricks across a broad spectrum of the market from low-cost
housing, residential to commercial, industrial, civil engineering and infrastructure projects as well as
coal to local markets and coal traders. The Group operates through two divisions, namely bricks (which
is owned directly by Brikor Limited) and coal (through its wholly owned subsidiary, Ilangabi Investments
12 (Pty) Ltd (“Ilangabi”)). Brikor manufactures Semi Face Bricks and Clay Stock Bricks at its Nigel
Operations and operates two factories. Ilangabi provides brick-making clay and low grade coal to
Brikor’s operations and sells coal to coal traders. It owns Vlakfontein and Grootfontein coal mining
rights.


Since coming out of provisional liquidation Brikor acquired the remaining 69% of Ilangabi with effect
from 13 July 2016, making it a wholly owned subsidiary of Brikor. On 17 April 2018, shareholders
approved the disposal of the Donkerhoek business, a non-core asset identified by management. On 17
April 2017, the company disposed of the Rayton property subject to conditions precedent. The section
11(1) transfer at the Department of Mineral Resources is still in progress and a renewed revival
agreement was signed to extend the original agreement to 30 November 2020 to allow for additional
time to obtain the section 11(1) transfer. On 10 July 2019 Brikor disposed of the Schist property.


Shareholders are referred to the SENS announcement dated 27 February 2020 regarding the request
by a shareholder in Brikor, for a shareholders meeting in terms of the Companies Act, No 71 of 2008
and Brikor’s Memorandum of Incorporation. Brikor has applied to court for an order setting aside this
request on the grounds that the request is frivolous and/or otherwise vexatious. Shareholders will be
kept up to date in this regard.


2)      Share capital


The share capital is as follows:
                                                       R
 Authorised
 1 000 000 000 ordinary shares of no par value         -


 Issued
 645 242 031 ordinary shares of no par value           244 142 472
 Less: 15 900 000 treasury shares held by the Brikor   (15 900 000)
 Share Incentive Scheme Trust
                                                       228 242 472


3)      Board of directors and committees


3.1     The board of directors is as follows:
        Mr Allan Pellow (Chairperson)
        Mr Garnett Parkin (Chief Executive Officer)
        Ms Joaret Botha (Financial Director)
        Mr Dries Ferreira (Independent Non-Executive Director)
        Dr Tanya Hendry (Non-Executive Director)
        Mr Norman Hornby (Non-Executive Director)
        Ms Mamsy Mokate (Independent Non-Executive Director)
        Mr Steve Naude (Independent Non-Executive Director)
        Mr AP van der Merwe (Non-Executive Director)

3.2     Audit and Risk Committee is constituted follows:

        Mr Steve Naude (Chairperson)
        Mr Dries Ferreira
        Ms Mamsy Mokate

3.3     Remuneration Committee is constituted follows:

        Ms Mamsy Mokate (Chairperson)
        Mr Norman Hornby
        Mr Steve Naude

3.4     Nomination Committee is constituted follows:

        Mr Allan Pellow (Chairperson)
        Mr Dries Ferreira
        Dr Tanya Hendry
        Mr Norman Hornby
        Ms Mamsy Mokate
        Mr Steve Naude
        Mr AP van der Merwe
3.5      Social and Ethics Committee is constituted follows:

         Dr Tanya Hendry (Chairperson)
         Mr Dries Ferreira
         Mr AP van der Merwe

4)       Company secretary and auditors


Brikor’s company secretary is Fusion Corporate Secretarial Services (Pty) Ltd and its auditors are Nexia
SAB&T.


5)       Financial information


Brikor is up to with all financial reporting requirements. Its audited financial results for the year ended
29 February 2020 was released on SENS on 22 July 2020. See below links to the Brikor website:


http://brikor.co.za/_webmoduledata/Documents/BrikorYE20results.pdf
http://brikor.co.za/_webmoduledata/Documents/BrikorAFS2020.pdf


The directors of Brikor, in their opinion believe that the working capital available to the Group is sufficient
for the Group’s present requirements, that is, for at least the next 12 months.


Brikor complies with the principles of King IV™ and the mandatory corporate governance requirements
of the JSE. An updated King IV™ checklist will be available in Brikor’s website at www.brikor.co.za at
the end of July 2020.




23 July 2020
Nigel

Designated Adviser
Exchange Sponsors

Date: 23-07-2020 08:00:00
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