Wooltru Limited - Disposal Of Property And Renewal
WOOLTRU LIMITED - DISPOSAL OF PROPERTY 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
Disposal of property and renewal of cautionary announcement
1. Disposal of Property
Further to the announcement of 10 September 2002, regarding the acquisition of a
property ("Jet Park") situated at Erf 448 Jet Park Extension 14; Wooltru has
concluded an agreement, subject to certain conditions, to dispose of this
property. The net disposal consideration is R15 million, payable in cash upon
transfer of title to the property.
The disposal of Jet Park represents the liquidation of the last major asset in
Wooltru"s portfolio.
The financial effect of this disposal is positive for shareholders, in that
provision had been made for a loss on disposal of R19.6 million whereas the net
sale consideration will reduce the budgeted loss by R2.2 million. The resulting
adjustment will not have a material effect on Wooltru"s earnings or net asset
value per share.
2. Renewal of Cautionary Announcement
Further to the updated cautionary announcement dated 26 March 2003, shareholders
are advised that the liquidation of CNA and other related matters have not yet
been resolved. Until further information is available, 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
2 May 2003
Financial Adviser and Sponsor
Cazenove
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