GILBOA PROPERTIES LIMITED
The Board of Directors of Gilboa announces that a full subsidiary of the
company, Waterkloofspruit Projects (Pty) Ltd, has been placed in final
liquidation by an Order given by the high Court of South Africa in Pretoria on
the 14th February 2001. An appeal is being considered by the Board against the
Court decision.
After consultation with the auditor of Gilboa, the Board of Directors states
that the elimination of Waterkloofspruit Projects (Pty) Ltd (in liquidation) as
asset of Gilboa does not as at date hereof materially effect the solvability
and net asset value of Gilboa and will not materially effect the earnings of
the company.
The Board is further confident that the liquidation of Waterkloofspruit
Projects (Pty) Ltd (in liquidation) will not effect the present agreements in
respect of the mining project's, announced by the company on the 2nd of
February 2001 irrespective whether the appeal against the Court decision will
be successful or not.
Gilboa is not committed as surety to Waterkloofspruit Projects (Pty) Ltd and
will not be directly effected by the liquidation of Waterkloofspruit Projects
(Pty) Ltd (in liquidation).
By Order of the Board
E.R. DE LA PIERRE
Managing Director
Ends
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