CFO - Country Foods Limited - Request For Voluntary Suspension Of Trading
CFO
CFO
CFO - Country Foods Limited - Request For Voluntary Suspension Of Trading
COUNTRY FOODS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/018743/06)
Share code: CFO ISIN: ZAE000105052
("Country Foods" or "the company" or "the group")
REQUEST FOR VOLUNTARY SUSPENSION OF TRADING
Further to the cautionary announcement dated 2 September 2008 wherein
shareholders were advised that the directors of Country Foods had begun the
process of restructuring and refinancing the group, shareholders are advised
that the company has requested the JSE Limited to suspend trade in the company`s
securities until the finalisation and publication of the details of this
restructuring.
As announced in the interim results on 30 June 2008, performance of local
operating subsidiaries was well below expectation owing to a number of factors
detailed in the results. Whilst measures have been taken to rectify these
factors, further cash drains have been experienced by the group. Negotiations
are ongoing to refinance the group. However the timing and successful outcome of
these efforts is not certain and the company believes that suspension of trade
in the company`s securities is therefore in the best interests of its
shareholders at this point in time.
The company would like to reassure shareholders that it will endeavour to
finalise these negotiations as soon as possible and will keep shareholders
informed of any further developments.
Isando
12 September 2008
Designated Adviser
Merchant Sponsors (Proprietary) Limited
Date: 12/09/2008 16:41:02 Produced by the JSE SENS Department.
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