South African satellite pay-TV operator, TopTV, owned by ODM (On Digital Media),
published its Business Rescue Plan on 17 April and has scheduled a meeting of
creditors, followed by separate meetings of other holders of a voting interest (in the
case of ODM, preference shareholders and then its ordinary shareholders), for
Tuesday, 30 April at 10h00 at Bowman Gilfillan in Sandton, Johannesburg.
The purpose of the meetings is to introduce the Business Rescue Plan for
consideration by creditors and other holders of voting interests, as the case may be;
and inform the meetings about whether or not Peter van den Steen, the business
rescue practitioner appointed to administer TopTV’s business rescue proceedings,
continues to believe that there is a reasonable prospect of rescuing ODM.
Furthermore, the meetings will provide employees and/or their representatives with
an opportunity to address the meetings. The meetings will also invite discussions,
and entertain and conduct a vote, on any motions to: amend the business rescue
plan, in any manner moved and seconded by holders of creditors’ voting interest (and
satisfactory to Van den Steen); and call for a vote of preliminary approval of the
business rescue plan (as amended if applicable).
The business rescue plan is available on ODM’s websites: www.toptv.co.za and
.
