At the creditors meeting on June 20 2018 the Business Rescue Plan was approved. The owners of 78 suites at Pezula elected as follows:

• Enter into the new lease agreement: 49
• Sell at R1m Vat included: 29

As of November 13, 2018, Village n Life has made all payments required under the Business Rescue Plan:

1. Owners that elected to lease:

• Cash R46,875 per suite
• VNL Money Vouchers R46,875 per suite

2. Owners that elected to sell: R1,000,000 per suite

3. Reimbursement of suite owner legal expenses: R2,000,000 in total

The total amount due under numbers 2 and 3 above has been paid to Werksmans escrow account. The total amount due under number 1 above has either been paid and delivered to suite owners that have signed their lease agreements, or for those that have not signed, been paid to the escrow account of Cassim Lawyers, one of the business rescue practitioners.

Implementation of the Business Rescue Plan is imminent. Thereafter, Pezula Hotel will officially come out of business rescue.


Amended Revised Business Rescue Plan as Adopted
Annexure A - List of Assets
Annexure A - Amendments
Annexure B - List of Creditors
Annexure C - List of Employees
Annexure D - Projected Income Statement
Annexure E - Projected Balance Sheet
Annexure F - Projected Cash Flow
Annexure G1 - Revised Uniform Rental Agreement
Annexure G2 - Revised Annexure A to Uniform Rental Agreement
Annexure H - VNL Money Vouchers
Annexure I1 - Draft Deed of Sale (Not VAT Registered)
Annexure I2 - Draft Deed of Sale (VAT Registered)
CoR 125.1 Form
Minutes of the Section 151 meeting - 16 June 2018
Notice of Adoption of Business Rescue Plan - 29 June 2018
Second meeting to consider the revised Business Rescue Plan - 18 June 2018
Status Report