Source - RNS
RNS Number : 6884M
EDCON holdings Limited
17 October 2016


Edcon Announces the Occurrence of the Effective Date of
the Lock-Up Agreement in Support of its Comprehensive Restructuring

This announcement is for informational purposes only, and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Edcon Holdings Limited or its subsidiaries or affiliates (the "Edcon Group"). This announcement is not for distribution or release in or into any jurisdiction in which offers or sales would be prohibited by applicable law.

Johannesburg, South Africa, October 13, 2016:  The Edcon Group previously announced, on September 20, 2016 (the "Transaction Announcement"), that certain entities in the Edcon Group and certain of the Edcon Group's creditors, accounting for 80% of the outstanding principal amount of the secured debt of the Edcon Group, had provided signatures in respect of a lock-up agreement (the "LUA"), pursuant to which the parties to the LUA would agree to the key terms of a comprehensive restructuring of the Edcon Group's entire capital structure (the "Restructuring"), including a significant decrease in the outstanding amount of third-party debt of Edcon Limited and a transfer of control over the Edcon Group's operating companies from its current sponsor to certain of the Edcon Group's existing creditors. Today, the Edcon Group announced that, as of October 13, 2016, the various conditions precedent to the occurrence of the effective date of the LUA have been satisfied, such that the LUA became binding on all parties thereto. The Edcon Group will now proceed to implement the Restructuring pursuant to the terms and conditions of the LUA.

For more details on the terms and conditions of the LUA and the Restructuring, please refer to the Transaction Announcement, which is available on the Edcon Group's website,

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made.


This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.


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