TIW
TIW
TIW - Tiwheel - Update to Shareholders
TIW - Tiger Wheels Limited
(Incorporated in the Republic of South Africa)
Registration number : 1970/011662/06)
Share Code : TIW & ISIN: ZAE000007407
("Tiwheel")
Update to Shareholders
Further to the Cautionary Announcement issued on 30 May 2007, the Trading Update
of 7 June 2007 and the Suspension of Trading in Shares Announcement issued on 11
July 2007, the current status is as follows:
ATS Beteiligungs GmbH ("ATS") has been unable to procure support from its German
Banking syndicate ("the Syndicate") to enable it to continue operating in the
normal course.
ATS has been faced with an accumulation of negatives including rising aluminium
prices and price down pressures from its customers. ATS has been unable to cope
with the resultant liquidity pressures without the support of the Syndicate.
These factors, coupled with operating losses incurred in the USA and South
African plants have forced the directors of ATS and certain of its subsidiary
companies to apply for protection from creditors in the form of liquidations.
The sole asset of Tiwheel is its 74% shareholding in and loan accounts to ATS.
Trading in Tiwheel shares remain suspended until further announcements, which
will be made in due course.
Midrand
16 July 2007
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 16/07/2007 10:05:34 Produced by the JSE SENS Department.
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