Pearl Valley Golf Estates - Plan of action announced

Pearl Valley Golf Estates has announced that it has initiated a ‘business rescue’ strategy to facilitate the potential reorganisation of its business in a difficult economic environment.

The shareholders have made a number of interventions to improve the performance of the business and whilst they have funded operational shortfalls for the last few years, after much deliberation and careful consideration of what is in the best interests of the company, the directors have by resolution placed the business in ‘business rescue’, as provided for in the South African Companies Act (Act 71 of 2008).

If successful this will facilitate the reorganisation of the company’s affairs, property assets, equity and debts with a view to sustaining the business in the longer term whilst equitably addressing the claims and interests of its creditors and shareholders and other affected parties.

Like many businesses in South Africa, Pearl Valley has faced challenging trading conditions due to recessionary pressures within both the local and international economies.   By initiating a business rescue, the company have taken essential and direct action to address current difficulties and challenges so as to try and ensure Pearl Valley’s long term future as a world class lifestyle residential golf estate. Pearl Valley remains open to dialogue with key parties and further communications will follow when possible.

As required by the Companies Act, a certified business rescue practitioner has been appointed who will have management control of the company with immediate effect and who will initiate a business reorganisation plan, which will be discussed with and considered by all key parties.
The owners believe that if a business rescue and reorganisation package can be put in place, the future prospects for the estate remain encouraging, underpinned by an improving economy over the longer term. Pearl Valley enjoys an exceptionally strong global brand as a world class lifestyle & residential golf estate which incorporates an award winning Nicklaus designed Golf Course and the prestige of hosting three South African Open Golf Championships.

In addition, the developer holds the rights for the implementation of a second and much larger phase with a further championship golf course and over 1000 residential units, a hotel and other uses on 374 hectares of land adjacent to phase one.

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