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ADW
ADW
ADW - African Dawn Capital Limited - Trading Update in Respect of Allegro
Holdings (Proprietary) Limited ("Allegro") and Renewal of Cautionary
Announcement
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE code: ADW
ISIN: ZAE000060703
("Afdawn" or "the company")
TRADING UPDATE IN RESPECT OF ALLEGRO HOLDINGS (PROPRIETARY) LIMITED ("ALLEGRO")
AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
TRADING UPDATE IN RESPECT OF ALLEGRO, A SUBSIDIARY OF AFDAWN
Shareholders are referred to the commentary in the Chairman`s Statement and note
27 "Events after balance sheet" in the notes to the annual financial statements
incorporated in Afdawn`s annual report, pertaining to Allegro, which states as
follows:
"The management of Afdawn recently became aware that an order had been granted
in the North Gauteng High Court in terms of which the Corporate Money Managers
Cash Management Fund portfolio and the financial services business of Corporate
Money Managers (Proprietary) Limited ("CMM") were placed under provisional
curatorship. Included in the CMM group was Miro Capital (Proprietary) Limited
("Miro") which is an associate company of Allegro. A subsidiary of Allegro,
Allegro Bridging (Proprietary) Limited, had entered into agreements with Miro in
terms of which they acted as an originator of trade receivables consisting
primarily of bridging finance for property developments which were in turn
acquired by a rated securitisation conduit established by CMM."
The management of Afdawn is working closely with the curators of CMM in order to
form a clearer understanding of the underlying CMM transaction and it has been
decided by the Board that in the interim, Allegro be placed under provisional
curatorship with immediate effect. Afdawn management in conjunction with the
curators of CMM will complete an investigation and internal review on CMM and
Allegro with the intention of reporting back to shareholders regarding this
matter within the next 30 days.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that negotiations are in progress which, if
successfully concluded, may have a material effect on the price of the company`s
securities. Accordingly, shareholders are advised to continue to exercise
caution when dealing in the company`s securities until a further announcement is
made.
Johannesburg
9 September 2009
Designated Adviser
Vunani Corporate Finance
Date: 09/09/2009 16:40:02 Produced by the JSE SENS Department.
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