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High Level presentation of the business rescue plan of the Stedone Group. Presented by KJ Gribnitz To the Creditors meeting held on the 24 April 2013. Why were various companies placed in business rescue & what action will be taken?.

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high level presentation of the business rescue plan of the stedone group

High Level presentation of thebusiness rescue plan of the Stedone Group

Presented by KJ Gribnitz

To the Creditors meeting held on the

24 April 2013

why were various companies placed in business rescue what action will be taken
Why were various companies placed in business rescue & what action will be taken?

Was managed as a group regardless of it being separate companies

Reorganise the assets and the focus operations on making money again

Introduce strict capital management techniques

Increase the current profitability of contracts

Sureties signed for other group companies

Protect the assets & contract while in BRP

Dispose of non core assets & fixed costs

Many Intergroup loans

which can be demanded

Place a moratorium &

may compromise debt

Consolidate the assets where necessary

Assets and liabilities in different companies

Restructure the funding of the balance sheet and

Instil financial discipline

Create a consolidated group with equity in a new holding company

Main business units carry risk for all other entities

overview of the different phases and the time lines of the turnaround plan
Overview of the different phases and the time lines of the turnaround plan

0 to 4 months

1 to 6 months

1 to 9 months

4 to 9 months

Phase 1

Phase 2

Phase 3

Phase 4

Business Rescue

Restructure Operations

Corporate Re-organisation

Entrenchment Phase

Establish a new culture

Compliance with Act

Improve financial reports

Consolidate the group

Obtain new work

Stop SARS hold on funds

Merge skills & contracts

Corporate Governance

Re-launch the company

Stop ongoing losses

Resource optimization

Create risk committee

Prepare 3 year plan

Raise working capital

Re-focus the business

Compliance with Act

Communication plan

Create incentive scheme

Appoint a new board

Hand over the company

remuneration of the sbrp for the stedone group
Remuneration of the SBRP for the Stedone Group
  • StedoneDevelopments (Pty) Ltd (In Business Rescue)
    • R 1 600,00 per hour exclusive of VAT with a maxim of R 19 200,00 per day exclusive of VAT;
  • StedoneCivils (Pty) Ltd (In Business Rescue) 
    • R 1 600,00 per hour exclusive of VAT with a maxim of R 19 200,00 per day exclusive of VAT;
  • StedoneInvestments (Pty) Ltd (In Business Rescue)
    • R 1 200,00 per hour inclusive of VAT with a maxim of R 14 400,00 per day exclusive of VAT;
  • Hazycrest(Pty) Ltd (In Business Rescue) 
    • R 200,00 per hour exclusive of VAT with a maxim of R 2 400,00 per day exclusive of VAT;
  • FMG Admin Services CC (In Business Rescue)  
    • R 200,00 per hour exclusive of VAT with a maxim of R 2 400,00 per day exclusive of VAT;
  • StedStores CC (In Business Rescue)
    • R 200,00 per hour exclusive of VAT with a maxim of R 2 400,00 per day exclusive of VAT;
  • Dura Industrial Park CC (In Business Rescue)
    • R 200,00 per hour exclusive of VAT with a maxim of R 2 400,00 p/h inclusive of VAT; -
  • Contingent upon the companies paying salaries and wages for the month of April 2013, and hours will be charged as a total and allocated to the various companies as above.
slide5

Thank you

Karl Gribnitz