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CFO
CFO
CFO - Country Foods - Further Update And Renewal Of Cautionary Announcement
COUNTRY FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/018743/06)
(JSE code: CFO & ISIN: ZAE000105052)
("Country Foods" or "the company")
FURTHER UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to:
- the cautionary announcement dated 2 September 2008;
- the renewal announcements dated 14 October 2008, 24 November 2008 and 12
January 2009;
- the announcement containing an Update to Shareholders dated 12 February
2009;
- the announcement in respect of Results of general meeting and resignation
of director and designated adviser dated 24 February 2009.
Shareholders are advised as follows:
1. Pavati Traders 83 (Pty), t/a The Mediterranenean Fish Centre, Jules
Street, was put under judicial management on 20 February 2009, with an
urgent application to liquidate the said company, if not opposed by 17
March 2009. Country Foods Limited was not in a position to oppose the
application.
2. Chester Finance (Pty) Ltd exercised their rights in terms of a
settlement agreement concluded between Chester Finance (Pty) Ltd,
Chesterfin Ltd ("the Chester Finance Creditors") and Country Foods on 11
December 2008. Chester Finance took over 100% of the issued shares in
Fruitime Fruit Juices (Pty) Ltd and Country Mushrooms (Pty) Ltd, wholly
owned subsidiaries of Country Foods and has instructed the appointed
company secretaries to register Chester Finance (Pty) Ltd as the sole
shareholder of Fruitime Fruit Juices (Pty) Ltd and Country Mushrooms
(Pty) Ltd. In addition, all and any monies due to Country Foods from
Fruitime Fruit Juices (Pty) Ltd and/or Country Mushrooms (Pty) Ltd were
to be remitted to Chester Finance (Pty) Ltd.
3. KPMG Inc has resigned as auditors of Country Foods Ltd and all its
subsidiaries with effect from 13 March 2009.
4. P B Swanevelder has resigned from the Board of Directors of Country
Foods with effect from 13 March 2009.
5. The board is using its best endeavours to find new directors. It is
however difficult to convince suitable persons to join the board under
these circumstances.
6. A number of restructuring alternatives are being investigated, the board
hopes to make an announcement in this regard in due course.
7. The shares of the company remain suspended. Shareholders are advised to
continue exercising caution if and when dealing in the company`s
securities until a full announcement is made.
18 March 2009
Johannesburg
Date: 18/03/2009 16:44:02 Produced by the JSE SENS Department.
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