CFO - Country Foods Limited - Quarterly Update To Shareholders
CFO
CFO
CFO - Country Foods Limited - Quarterly Update To Shareholders
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 "group")
QUARTERLY UPDATE TO SHAREHOLDERS
Following the suspension of Country Foods at the request of the company on 12
September 2008, progress has been made in attempting to refinance the group.
Country Foods is in the final stages of negotiations and further details will be
sent to shareholders as soon as a decision has been made and the terms of the
refinancing and restructuring have been finalised and documented.
African Dawn Property Transfer Finance 3 (Proprietary) Limited applied for a
Notice of Motion of liquidation of Edulis Mushroom (Proprietary) Limited
("Edulis Mushroom"), an operating subsidiary of Country Foods. Edulis Mushroom
was subsequently placed in liquidation on 25 November 2008. Although the
financial effects of the liquidation of Edulis Mushroom on Country Foods cannot
be determined at this time, it is not anticipated that the liquidation will have
a material financial effect on the other operating subsidiaries of the group.
If the above mentioned negotiations are successful, a circular will be sent to
the shareholders detailing the potential transaction which would require
shareholder approval. If such approval is obtained, the board of directors
anticipates that the company will be in a position to request the lifting of
suspension of trade in Country Foods` securities by the end of the first quarter
of 2009.
Isando
12 December 2008
Designated Adviser
Merchantec (Proprietary) Limited
Date: 12/12/2008 15:40:20 Produced by the JSE SENS Department.
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