The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joseph Shaun - XAIA - Analyst
: Just for understanding this right, does this mean that you will push out all the maturities from '25 until '27 -- until September of 2027. And is the
pushing out of all the maturities, so including bank debt, but also other forms of financing necessary to conclude the restructuring?
Unidentified Company Representative
That is mostly correct. There are some loans which are by their nature, by amortization plan run out in '25 and in '26. So during the normal amortization
of these loans, they will just be completely paid off because the remaining balance is relatively long. Those which do have balances and maturities
in the period, which you just described, correct. Those will be pushed to the end of September '27.
Question: Joseph Shaun - XAIA - Analyst
: Okay. Understood. That's very helpful. And what if some of your lenders don't agree? Do you need an agreement of 100% of your lenders or it's
also like, I don't know, like 95% necessary or do all of the lenders 2027 need to agree to the restructuring plan or to the prolongation of their
liabilities?
Unidentified Company Representative
Understood. Well, I can -- for more detail, I can refer you to the risk section of our quarterly report, which we put online this year. In short, as we
obviously have to disclose all possible potential risks, yeah, it is possible that a lender might not agree. It is not completely out of the realm of
possibility. So that will be rather unpleasant.
However, we are carefully confident that we obviously know how things are progressing that, as I mentioned previously, no lender has flat out
refused to support the plan.
So we are confident that we will get all lenders on board. In such cases, as you know, there is a principle of the equal treatment of the lenders of
the same ranking. So no lender can receive a preferential treatment. And that's obviously where a very reputable restructuring expert, FTI-Andersch
comes aboard, who supports us in discussions with the lenders and explaining how the restructuring opinion works.
Question: Keillen Ndlovu - Independent Property Analyst - Analyst
: Last year, in March, you mentioned that you intend to delist from the JSE, your secondary listing. How is that happening? Or is that put on hold?
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