Africa Cellular Towers has issued its final liquidation order following the South Gauteng High Court ruling that the company shut its doors.
On 16 May, ACT said it had reached an agreement for the restructuring of funding from the Industrial Development Corporation (IDC). However, that deal fell through after strain from liquidation applications from creditors, while executive director, Nick van der Mescht also announced his resignation from the ailing company.
On 1 June 2012, it was reported that Africa Cellular Towers was facing at least three applications for liquidation from major creditors, leading the company request that the JSE suspend trading in its securities, at the time.
Today (30 July 2012), Africa Cellular Towers issued its final liquidation order, shutting the door on the telecommunications infrastructure provider.
Final Liquidation Notice: Shareholders are referred to the announcement dated 18 June 2012 and are advised that the South Gauteng High Court (Johannesburg) ordered the final winding up on the company on 24 July 2012.
ACT’s financial troubles hit full effect after the company reported a trading loss of R47.6 million in December 2011, as macro-economic factors, and continued depressed trading conditions, negatively impacted its results.