upgrading works definition
upgrading works has the meaning ascribed to it under the paragraph “C. Major terms of the Supplementary Agreement” of the section with the heading “3. The Supplementary Agreement” in this announcement By order of the Board
upgrading works means the construction and upgrading works and activities required to be undertaken at the instance of the Growth Plan Companies, and completed, in order to procure the development, and ultimate beneficiation of all of the Growth Plan properties, to the best benefit of the businesses of the relevant Growth Plan Companies and the Growth Plan properties as a group, with the specific aim of procuring returns to investors (scheme creditors) and create capital growth to be derived from the business activities of the Growth Plan properties, following such activities, it being furthermore recorded that the funding required for the aforesaid activities will form part of the restructuring funding, in amounts determined from time to time in the discression of the board of directors of the Growth Plan Companies, having regard to prevailing circumstances;
upgrading works means the construction and upgrading works and activities required to be undertaken at the instance of the Income Plan Companies, and completed, in order to procure the upgrading of all or certain of the Income Plan properties, to the best benefit of the businesses of the relevant Income Plan properties, and the Income Plan properties as a group, with the specific aim of enhancing the rental income and capital growth to be derived from the business activities of the Income Plan properties, following such upgrading works, it being furthermore recorded that the funding required to pay for the upgrading works will form part of the restructuring funding, and shall not exceed the amount of R 250,000,000 (Two Hundred and Fifty Million Rand);