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BUSINESS RESCUE PLAN

SUTHERLAND TANNERIES (PTY) LTD

(1999/002749/07)

(IN BUSINESS RESCUE)

PROPOSED AMENDMENTS TO THE BUSINESS

RESCUE PLAN ADOPTED ON 20 APRIL 2017

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BUSINESS RESCUE PLAN

SUTHERLAND TANNERIES (PTY) LTD (1999/002749/07)

(IN BUSINESS RESCUE)

PROPOSED AMENDMENTS TO THE BUSINESS RESCUE PLAN PUBLISHED ON 30 MARCH 2017 AND ADOPTED ON 20 APRIL 2017

A. That clause 18.2 be amended by deleting the word “three” therein and by substituting therefor

the word “five”, so that clause 18.2 reads as follows: “18.2 The offer may be withdrawn by Giardini Pellami and/or any agreement resulting from the said offer

may be terminated by Giardini Pellami within a period of five months from the signature of the offer, which withdrawal or termination must be preceded by fourteen days written notice by Giardini Pellami to the BRP. In such event:”

B. That clause 18.3 be amended by deleting the word ”three” therein and substituting therefor the

word “five”, so that clause 18.3 reads as follows: “18.3 The offer may neither be withdrawn, nor may any agreement resulting from the offer be terminated

by Giardini Pellami after the expiry of the five month period mentioned in clause 18.2 above.” EL 2017 Sutherland Tanneries (Pty) Ltd Business Rescue Plan (Proposed amendment) 170717

SUTHERLAND TANNERIES (PTY) LTD

Name Total Due Total Independent

ABSA 11,816,544.68 19.68% 21.02%

Loan Accounts - ceded to ABSA

Wynand Loan Account 23,073,107.01 38.43% 41.05%

Sutherland Properties Loan Account 9,458,471.14 15.75% 16.83%

ABSA Total 44,348,122.83 73.87% 78.90%

Employees ex Wynand, Craig + Jonathan 2,727,419.94 4.54% 4.85%

MEN001 - Mendelson & Frost (pty) Ltd 1,796,219.25 2.99% 3.20%

Paramount 1,421,948.59 2.37% 2.53%

LAN001 - Lanxess 775,177.20 1.29% 1.38%

DYS001 - DyStar 732,285.25 1.22% 1.30%

FRE001 - Fredisco Dyes & Chemicals cc 717,515.54 1.20% 1.28%

RRC001 - RR Chemicals CC 497,907.21 0.83% 0.89%

STA001 - Stahl 332,076.70 0.55% 0.59%

ROY001 - Royal Adhesive Industries 314,321.63 0.52% 0.56%

BUC001 - Buckman Laboratories (Pty) Ltd 264,594.00 0.44% 0.47%

ROL001 - Rolfes Chemicals 206,539.50 0.34% 0.37%

SAPC01 - CHEM SYSTEMS 200,000.00 0.33% 0.36%

BEL001 - Bella Leather - Bosch Interiors 194,093.43 0.32% 0.35%

MAL001 - Malome Leather Technologies (Pty) Ltd 178,524.00 0.30% 0.32%

LEA002 - Leather Systems 164,779.77 0.27% 0.29%

NET001 - NE Teifel & Co 146,694.00 0.24% 0.26%

HAN001 - Handri Transport 131,784.00 0.22% 0.23%

AND001 - Anderson Transport 123,690.00 0.21% 0.22%

REY001 - Reyneke Erasmus 97,401.70 0.16% 0.17%

CORP - CORPORATE TRAVELLER 89,027.62 0.15% 0.16%

HUT001 - Hutech 88,920.00 0.15% 0.16%

STE001 - Stephens Valves cc 75,166.01 0.13% 0.13%

PTA001 - Protea Chemicals 47,485.86 0.08% 0.08%

MIC001 - Microptic 43,120.50 0.07% 0.08%

DPE001 - DPE Worldwide Express 35,082.73 0.06% 0.06%

RIG001 - Rigging 24 31,350.00 0.05% 0.06%

IPS001 - IPS Packaging 31,080.14 0.05% 0.06%

BD001 - B&D Enterprises 30,000.00 0.05% 0.05%

PEC001 - PE Chemicals cc 25,295.00 0.04% 0.05%

WYN001 - Mark Wynn 20,762.61 0.03% 0.04%

SPA001 - Sparta Foods 20,357.07 0.03% 0.04%

TYRES - Tyres 2000 19,848.88 0.03% 0.04%

OMI001 - Omnioil 17,991.41 0.03% 0.03%

SER001 - Servworx 17,226.97 0.03% 0.03%

PRW001 - Workwear Depot 15,990.30 0.03% 0.03%

NAS001 - NASA Industrial Supplies 15,934.51 0.03% 0.03%

SVD001 - SV Distributors 13,699.90 0.02% 0.02%

AVI001 - Aviocean (Natal) cc 12,178.23 0.02% 0.02%

ASP - A J Sparg 11,833.98 0.02% 0.02%

FRQ001 - Frequency Drive And Electro Solutions 11,354.40 0.02% 0.02%

RED001 - Red Meat Levy Admin 10,750.43 0.02% 0.02%

As at 20th March 2017

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SUTHERLAND TANNERIES (PTY) LTD

Name Total Due Total Independent

As at 20th March 2017

PRE001 - Prest Marine 10,235.39 0.02% 0.02%

LAN002 - Landsberg Hydraulics & Pneumatic 9,994.37 0.02% 0.02%

NIP001 - NIP PALLETS 9,184.75 0.02% 0.02%

ACD001 - ACDC Express 9,128.32 0.02% 0.02%

GAS001 - Gas & General 9,098.63 0.02% 0.02%

FCR001 - First Car Rental 9,081.31 0.02% 0.02%

FIV001 - Five Star Electric Motors 8,664.00 0.01% 0.02%

LS - LOTUS STATIONERS 8,450.31 0.01% 0.02%

JAC001 - Jaqcues Paint & Colour Centre 7,229.25 0.01% 0.01%

AFS001 - AFS Materials Handeling 6,367.77 0.01% 0.01%

PRO002 - Pro Motor Rewinders 6,315.60 0.01% 0.01%

BAC001 - Back to Pack Packaging 5,943.70 0.01% 0.01%

PMB001 - PMB Tool Centre 5,614.96 0.01% 0.01%

ROG001 - Rogue Steel PMB cc 5,431.83 0.01% 0.01%

TRI002 - Triano Trading Cc 5,363.70 0.01% 0.01%

GT001 - GT Chemicals 4,240.80 0.01% 0.01%

CLA002 - CL Agencies 4,218.00 0.01% 0.01%

CON001 - Conloo Joinery 4,186.08 0.01% 0.01%

BYT001 - Byterite Computer Solutions 3,652.56 0.01% 0.01%

UPS01 - UPS South Africa 3,287.49 0.01% 0.01%

ELE001 - Electro Technical Agencies 3,233.20 0.01% 0.01%

WAL001 - WALTONS STATIONERY 3,188.43 0.01% 0.01%

GOV001 - Govenders Garage 2,753.41 0.00% 0.00%

PRE002 - Prestige Labortory Supplies (PTY) Ltd 2,371.20 0.00% 0.00%

BML001 - BML Industrial Maintenance cc 1,775.33 0.00% 0.00%

MID001 - Midlands Oil 1,386.01 0.00% 0.00%

CHC001 - CHC Catering 959.00 0.00% 0.00%

AFR001 - Afrox 855.29 0.00% 0.00%

GOS001 - Goscor- Spares 453.49 0.00% 0.00%

FS001 - FIVE STAR ELECTRIC MOTORS CC 399.00 0.00% 0.00%

TPS001 - TP Sunrise 338.96 0.00% 0.00%

WHO001 - Wholesale Bolt & Hardware 293.32 0.00% 0.00%

CNM001 - CNM IT Solutions 176.70 0.00% 0.00%

RARA01 - Rathebe Rathebe 16.00 0.00% 0.00%

UNICOR - UNICORN ACCOUNTING SERVICES PTY LTD 14.00 0.00% 0.00%

56,209,453.25 93.62% 100.00%

Related Parties

SUTH01 -JR 1194 INVESTMENTS CC 1,913,065.44 3.19% (including PCF)

Wynand & Petro - PCF 500,000.00 0.83% PCF

LEA001 - Leather from Hart 276,747.79 0.46%

HAR001 - Hart Properties 11,600.00 0.02%

Salaries - Wynand, Craig, Jonathan 1,127,170.01 1.88%

3,828,583.24 6.38%

TOTAL VOTING INTEREST 60,038,036.49 100.00%

SUTHERLAND TANNERIES (PTY) LIMITED

(REGISTRATION NO.: 1999/002749/07) (in business rescue)

FORM OF PROXY – SHAREHOLDERS For use by Shareholders at the meeting to consider proposed amendments to the adopted Business Rescue Plan (“the Plan”) for Sutherland Tanneries (Pty) Limited (in business rescue), which meeting is to be held at 10:00 on 4 AUGUST 2017 at the Main Conference Room, Stowell & Company, 295 Pietermaritz Street, Pietermaritzburg. I/We __________________________________________________________________________ in my/our capacity as holder of __________________ shares in Sutherland Tanneries (Pty) Limited (in business rescue) (“the Shareholder”) do hereby appoint:

1. ___________________________________________________ or failing him; 2. ___________________________________________________ or failing him; 3. The Chairman of the meeting, As proxy to act for and on behalf of the Shareholder at the meeting which will be held for the abovementioned purpose and at any adjournment thereof, and to vote in respect of the proposed amendments to the Plan or any proposed further amendments thereto in accordance with the following instructions: 1. Vote for the adoption of the proposed amendments to the Plan 2. Vote against the adoption of the proposed amendments to the Plan

Signed at ________________________________on _____________________________2017. ___________________________________ (Signature) Notes: 1. A Shareholder may insert the name of a proxy or the names of one alternative proxy of his choice in the space

provided, with or without deleting the Chairman of the meeting. 2. Forms of proxy must be lodged with the Business Rescue Practitioners, c/o Stowell & Company, 295 Pietermaritz

Street, Pietermaritzburg, on e-mail address: johnm@stowell.co.za; neilb@stowell.co.za by no later than 12h00 on 2 AUGUST 2017.

3. The completion and lodging of this form of proxy will not preclude the relevant shareholder from attending the meeting and speaking and voting thereat to the exclusion of the proxy appointed in terms hereof, should such shareholder wish to do so.

SUTHERLAND TANNERIES (PROPRIETARY) LIMITED (Reg. No. 1999/002749/07)

(in business rescue)

FORM OF PROXY - CREDITORS For use by Creditors at the meeting to consider proposed amendments to the adopted Business Rescue Plan (“the Plan”) for Sutherland Tanneries (Pty) Ltd (in business rescue), which meeting is to be held at 10h00 on 4 AUGUST 2017 at the Main Conference Room, Stowell & Company, 295 Pietermaritz Street, Pietermaritzburg. I/We __________________________________________________________________________ in my/our capacity as _________________________________________ of _________________________________ (“the Creditor”) being a secured creditor* and/or concurrent creditor* (delete inapplicable) of Sutherland Tanneries (Pty) Ltd (in business rescue) do hereby appoint:

1. ___________________________________________________ or failing him; 2. ___________________________________________________ or failing him; 3. The Chairman of the meeting, As proxy to act for and on behalf of the Creditor at the meeting which will be held for the abovementioned purpose and at any adjournment thereof, and to vote in respect of the proposed amendments to the Plan or any proposed further amendments thereto in accordance with the following instructions: 1. Vote for the adoption of the proposed amendments to the Plan 2. Vote against the adoption of the proposed amendments to the Plan

Signed at ________________________________on _____________________________2017. _______________________________________ (Signature) Notes: 1. A Creditor may insert the name of a proxy or the names of one alternative proxy of his choice in the space provided,

with or without deleting the Chairman of the meeting. 2. Forms of proxy must be lodged with the Business Rescue Practitioners, c/o Stowell & Company, 295 Pietermaritz

Street, Pietermaritzburg, johnm@stowell.co.za, neilb@stowell.co.za by no later than 12h00 on 2 AUGUST 2017. 3. The completion and lodging of this form of proxy will not preclude the relevant creditor from attending the meeting

and speaking and voting thereat to the exclusion of the proxy appointed in terms hereof, should such creditor wish to do so.

 

SUTHERLAND TANNERIES (PTY) LTD (Reg. No. 1999/002749/07)  (IN BUSINESS RESCUE) VOTING BALLOT  SHAREHOLDERS  

                          SHAREHOLDER’S NAME   _______________________________________   

                      NUMBER OF SHARES HELD   _______________________________________ 

 

 MARK VOTE WITH CROSS  

A:  THE PROPOSED AMENDMENTS TO THE PLAN                                                 VOTE FOR                                  

                                                   VOTE AGAINST                                                                  SIGNATURE                 ____________________________                                          (Duly Authorised by Shareholder)                                            CAPACITY                   _____________________________                                            DATE                           _____________________________   

 

 

 

 

SUTHERLAND TANNERIES (PTY) LTD (Reg. No. 1999/002749/07)  (IN BUSINESS RESCUE) VOTING BALLOT  

CREDITORS                            CREDITORS’ NAME   _______________________________________   

                      CLAIM AMOUNT  _______________________________________ 

 

 MARK VOTE WITH CROSS  

A:  THE PROPOSED AMENDMENTS TO THE PLAN                                                 VOTE FOR                                  

                                                   VOTE AGAINST                        

                                          SIGNATURE                 ____________________________                                          (Duly Authorised by Creditor)                                            CAPACITY                   _____________________________                                            DATE                           _____________________________   

 

 

 

Notice of Meeting ito Sect 151Motivation for Proposed AmendmentsSutherland Tanneries (Pty) Ltd Business Rescue Plan (Proposed amendment) 170717Sutherland creditors voting interest August 2017Sutherland Tanneries Proxy for Shareholders 240317Sutherland Tanneries - Form of Proxy Creditors 230317Sutherland Tanneries Voting Ballot ShareholdersSutherland Tanneries Voting Ballot Creditors