*TIW - Tiger Wheels Limited - Update to shareholde
TIW - Tiger Wheels Limited - Update to shareholders
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 announcement of 16 July 2007 regarding the liquidation of the
company's core asset, namely its 74% shareholding in the German ATS Group, the
liquidators of ATS Beteiligungs GmbH this week announced the sale and
restructuring of its European subsidiaries. The effect of the sale and
restructuring is that the businesses of the subsidiaries in Germany and Poland
remain intact and will continue operating with the full support of creditors,
car manufacturers and suppliers. Consequently, the employees of the businesses
will be retained.
Insofar as Tiwheel's shareholding in ATS is concerned, no value will accrue to
the shareholders of Tiwheel as ATS' creditors have accepted a compromise offer.
Furthermore, in terms of German law, shareholders loans are deemed equity, the
effect is that Tiwheel's R27m loan accounts to ATS Beteiligungs GmbH do not have
any value.
Further announcements will be made regarding the remaining assets in liquidation
in due course.
Johannesburg
28 February 2008
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 28/02/2008 17:47:31 Produced by the JSE SENS Department.
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