• Hernic was notified by its key lender that Hernic is expected to be in breach of certain conditions of its credit facility by 1 April 2018, which breach the lender was not in a position to waive. If in breach, this facility had to be repaid on 1 April 2018. Hernic was not in a position to repay a significant portion of facility by 1 April 2018.
  • On 21 September 2017, the Board of Directors made a decision to place Hernic under voluntary business rescue. Business rescue practitioners (BRPs) were appointed. Business rescue brings about an opportunity to assess the options of the Company which will be done under a moratorium which suspends legal proceedings and the repayment of the loan.
  • Pursuant to a Sale of Business signed in March 2018 and the Business Rescue Plan approved and adopted in March 2018, the business of Hernic and its employees transferred to a Samancor nominated purchaser, Dikwena Chrome Pty Limited with effect from 1 November 2019.
  • Business rescue will bring about an opportunity to assess the options of the Company which will be done under a moratorium which suspends the repayment of the loan.
  • All business rescue updates are available on https://www.hernic.co.za/business-rescue/.
  • For interim, all queries in this regard can be directed to communication@hernic.co.za