NASDAQ OMX

Real People Investment Holdings Limited: Notice of a written procedure

Del

Real People Investment Holdings Limited (the "Company") has on the date hereof given instructions to Nordic Trustee & Agency AB (publ), being the agent under its SEK 260,000,000 and NOK 135,000,000 senior unsecured callable bonds with ISINs SE0005392560 and NO0010689342 2013/2018 (the "Bonds") to initiate a written procedure in order to request that the bondholders vote in favour of (i) an extension to the last date of the Standstill Period (as defined in the Standstill Agreement referred to below) from 31 August 2017 to 30 November 2017 and (ii) approving the addition of an addendum to the Standstill Agreement with effect that the automatic termination of the standstill period upon certain enforcement actions is qualified by the requirement that the Majority Standstill Creditors (as defined in the Standstill Agreement) also elects to terminate the standstill period.

As previously communicated in press releases, the Real People Group is experiencing financial difficulties and the Issuer has entered into a Standstill Agreement with creditors in order to facilitate a restructuring of its capital structure. On 22 June 2017 a written procedure ended in which the Bondholders decided to become Standstill Creditors under the Standstill Agreement together with the other creditors that are parties to the Standstill Agreement.

The Company will not be able to implement the restructure of the capital structure before 31 August 2017 due to the complexity of the transaction that needs to be negotiated with various stakeholders holding different financial instruments in the current capital structure. The successful implementation of the transaction is reliant on the issue of various opinions (accounting, legal and tax) as well certain regulatory approvals (South African exchange control). The Company is currently making good progress towards the successful implementation of the capital restructure with the various stakeholders. The Company intends to conduct a written procedure among the Nordic bondholders for the approval of the restructure during October 2017. Subject to a successful approval of the transaction from Nordic bondholders and other stakeholders, the final implementation of the restructure will occur during November 2017.

In addition to its request to extend the period of the Standstill Agreement and in mitigation against the risk of automatic termination of the standstill period to the jeopardy of the restructure due to frivolous or vexatious actions, the Issuer further proposes that the Nordic bondholders consent to an addendum to the Standstill Agreement to the effect that the automatic termination of the standstill period upon certain enforcement actions is qualified by a requirement that the Majority Standstill Creditors (as defined in the Standstill Agreement) also elect to terminate the standstill period.

The agent will dispatch the notice to the written procedure to all Nordic bondholders on 10 August 2017 in accordance with the terms and conditions of the Bonds. The written procedure will end at 17:00 (CEST) on 22 August 2017.

The notice to the written procedure is available on the Company's website (www.realpeoplegroup.co.za) and on Stamdata (www.stamdata.com).


For further information, please contact:

Neil Grobbelaar, Group Chief Executive Officer

Email: NGrobbelaar@realpeople.co.za

The information contained in this press release is such information that Real People Investment Holdings Limited is required to publish in accordance with the Swedish Securities Market Act (2007:528) and/or the Swedish Financial Instruments Trading Act (1991:980). The information was submitted for publication, through the agency of the contact person set out above, on 10 August 2017 at 14h00.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Real People Investment Holdings Limited via Globenewswire

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