Cyberhost - Resignation Of Directors, Cancellation
Of Cautionary Announcement And Director's Request For Suspension Of Shares
Cyberhost Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
(Share code: CYB)
(ISIN code: ZAE 000017471)
("Cyberhost" or "the company")
RESIGNATION OF DIRECTORS, CANCELLATION OF AGREEMENT, WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT AND DIRECTOR'S REQUEST FOR SUSPENSION OF SHARES
Further to discussions with the Johannesburg Securities Exchange South
Africa ("the JSE"), Cyberhost is authorised to announce the following:
Resignation of Directors
Messrs Anthony Lavine and Istvan Banhegyi have resigned as directors from
the company with effect from 6 December 2001 and Mr David Bird had resigned
on 28 February 2002.
Cancellation of Agreement
Further to the announcement dated 20 June 2001, the acquisition agreement
relating to the acquisition of 100% of Ex-teq Realtime Systems (Proprietary)
Limited, a change of control, the consolidation of share capital and an
issue of shares for cash have all lapsed and the agreement has been formally
cancelled with effect from 28 February 2002.
Withdrawal of the cautionary announcement
In view of the above, the company hereby withdraws the cautionary
announcement dated 20 June 2001.
Request for suspension
In addition to the above, the database of Cyberhost, its major asset, was
attached in accordance with a court order two weeks ago by the Namibian
Trust introduced by the Cape Town director to fund Cyberhost on a secured
basis which leaves Cyberhost with very little business or assets. In
addition, the bank account held in Cape Town has been closed. Pursuant to
the above, and at the director's request, the securities of Cyberhost have
been suspended until further notice. The company is currently technically
insolvent and is in the process of restructuring. A further announcement
will be made in this regard in due course.
Johannesburg
6 March 2002
Corporate advisor and Sponsor
Arcay Merchant (Proprietary) Limited
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