Ellies heads for liquidation – Where did it go wrong?
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GUEST - Zwelakhe Mnguni – Chief Investment Officer & Co-Founder at Benguela Global Fund Managers
Ellies is going into liquidation with no reasonable prospect of the company being rescued.
In January, Ellies announced it was going into voluntary business rescue proceedings in terms of 129(1) of the Companies Act.
This came after the group’s bankers said that they would not fund the proposed transaction where the company would Magetz Electrical Proprietary Limited and Power on Wheels Proprietary Limited (collectively, Bundu Power).
Furthermore, the group failed to publish its interim results in the six months ended 31 October 2023, which were required to be released within three months of the period end.
Ellies is going into liquidation with no reasonable prospect of the company being rescued.
In January, Ellies announced it was going into voluntary business rescue proceedings in terms of 129(1) of the Companies Act.
This came after the group’s bankers said that they would not fund the proposed transaction where the company would Magetz Electrical Proprietary Limited and Power on Wheels Proprietary Limited (collectively, Bundu Power).
Furthermore, the group failed to publish its interim results in the six months ended 31 October 2023, which were required to be released within three months of the period end.