QUY - Quyn - Press Release - Colliers Group Of Com
QUY
QUY
QUY - Quyn - Press Release - Colliers Group Of Companies
QUYN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
Share Code: QUY & ISIN: ZAE000017257
("Quyn")
PRESS RELEASE - COLLIERS GROUP OF COMPANIES
The directors of Quyn have become aware of unfounded rumours in the market
that Colliers, a group of wholly-owned subsidiaries of Quyn operating in
the property sector, "has split". The directors of Quyn emphatically deny
these rumours and wish to reassure both shareholders and the public that
the Colliers group of companies ("Colliers") remains committed to providing
the expert advice and property solutions that have been Colliers` trademark
of success.
The unfortunate reality is that the unfounded rumours relate to a group of
employees who, unlawfully and in breach of their contractual obligations,
recently left the Johannesburg branch of Colliers Broking (Pty) Ltd.
While the Johannesburg division of Colliers Broking (Pty) Ltd is and
remains an important part of Colliers, it contributed less than 3% of the
group`s pre-tax earnings for the year ended 28 February 2007.
Colliers is in the process of taking the necessary steps (including legal
action) to inter alia, prevent any further spreading of these unfounded
allegations which are intended to destabilise the business of Colliers.
Given the pending legal action, the directors of Quyn are at this point
unable to divulge full and further details, but wish to reassure all
shareholders and the public of their continued full commitment to Colliers
and, in turn, Colliers` dedication to its clients.
Johannesburg
05 July 2007
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 05/07/2007 15:25:56 Produced by the JSE SENS Department.
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