Wooltru - Update On Unbundling And Further Caution
Wooltru Limited
(Registration number 1936/008278/06)
(Incorporated in the Republic of South Africa)
("Wooltru" or "the Company")
Share Code: WLO ISIN Code: ZAE000007993
Share Code: WLN ISIN Code: ZAE000008744
Share Code: WLOP ISIN Code: ZAE000008009
Share Code: WLP1 ISIN Code: ZAE000008017
UPDATE ON UNBUNDLING AND FURTHER CAUTIONARY ANNOUNCEMENT
At a meeting held on 4 December 2001, the Wooltru Board reviewed the
progress towards the unbundling of the Company's holdings in
Woolworths Holdings Ltd, Truworths International Ltd and
Massmart Holdings Ltd.
To-date all the substantive commercial issues have been resolved, and the
approval of the Second Revenue Laws Amendment Bill, 2001 (Bill 84 - 2001)
has provided greater clarity on the Capital Gains Tax and Secondary Tax on
Companies implications of the unbundling. The Board, however, is awaiting
the date on which the new unbundling legislation will become law, as well as
clarification needed in relation to certain provisions of the new
legislation, before the unbundling timetable can be finalised.
The Board will meet again in January 2002, by which time the legislative
uncertainties will, hopefully, have been resolved and the timing of the
unbundling can, thereafter, be announced.
In the interim, shareholders are advised to continue to exercise caution
when dealing in their Wooltru ordinary and "N" ordinary shares.
10 December 2001
Financial Adviser
Cazenove
Sponsor
Merrill Lynch
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