What is the expected time period of the provisional judicial management?

The return date for the provisional judicial management orders of abovementioned companies was the 2^nd of March 2010. On this date the provisional judicial managers reverted to the Court with their interim findings.

Application for extension of the judicial management orders were applied for and granted in view of three important factors:

1.   The likelihood of a Section 311 compromise to be reached   between Bonatla Property Holdings (Pty) Ltd and Bluezone Property Investments (Pty) Ltd (in liquidation) liquidators’ on 9 of the property companies.

2.   The initiation of Section 417 / 418 Enquiry meetings after investigation by and completion of the forensic auditors’ reports, to recuperate monies lost.

3.   To continue negotiations on offers to purchase received from other parties.

The new return dates for the property companies’ judicial management orders are as follows:

Africard

Quick Leap Investments 461 (Pty) Ltd