Wooltru - Update and renewal of cautionary announc
Wooltru - Update and renewal of cautionary announcement
Wooltru Limited
(Incorporated in the Republic of South Africa)
(Registration number 1936/008278/06)
("WOOLTRU")
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 and renewal of cautionary announcement
Arising out of the liquidation of Consolidated News Agencies Limited ("CNA")
approaches have been made to Wooltru, claiming that a liability exists on
Wooltru`s part for the post retirement medical aid contributions (the
"liabilities") of former employees of CNA. The majority of the individuals
concerned had retired from CNA before Wooltru acquired the business of CNA from
CNA Gallo Limited in 1997, and until the final liquidation of CNA, the
liabilities were met by CNA.
The actuarial valuation of the liabilities was R17 million at the time Wooltru
sold CNA to Gordon Kay & Associates (Pty) Limited, and has recently been revised
to approximately R20 million. Wooltru has taken legal advice and does not
believe that the liability devolves upon Wooltru.
However, until the matter is resolved shareholders are advised to continue to
exercise caution when dealing in their Wooltru Ordinary or "N" Ordinary shares.
Shareholders will be kept informed of any material developments.
Cape Town
25 November 2002
Financial Adviser and Sponsor
Cazenove
Date: 25/11/2002 01:00:00 PM Produced by the JSE SENS Department
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