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SPA
 SPA                                                                             
SPA - Spanjaard Ltd - Cautionary Announcement                                   
SPANJAARD LTD                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1960/004393/06)                                            
Share code: SPA & ISIN: ZAE000006938                                            
("the company")                                                                 
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that the company has entered into negotiations which if
successfully concluded, may have a material effect on the price of the company`s
shares.                                                                         
Accordingly, shareholders are advised to exercise caution when dealing in the   
company`s shares until a full announcement is made.                             
Johannesburg                                                                    
10th April 2007                                                                 
Sponsor                                                                         
Arcay Moela (Pty) Ltd                                                           
Date: 10/04/2007 13:17:00 Produced by the JSE SENS Department.

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