Top Info Technologies Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001957/06)
("TopTech" or "the company")
Further announcement
1. Introduction
Further to the cautionary announcement dated 16 February 2001 and the
suspension of trading in the company's shares, as requested by the board of
directors of Top Tech (the Board") and which was announced on 21 February
2001, this announcement updates shareholders of and stakeholders in Top Tech of
recent developments.
2. Resignation of directors and appointment of new directors
The Board was reconstituted on 23 February 2001 and 26 February 2001 as
follows:
* Messrs RR Greyling, SB Ngubane, FJ Vermaak and HDR Wason were appointed to
the Board (collectively, the "reconstituted Board"); and
* Messrs MB Barnett, MR F rst, HA Hanekom and JA Strijdom (collectively, the
"previous Board") resigned with immediate effect on 23 February 2001, which
resignations have been accepted.
The previous Board indicated its full co-operation to the reconstituted Board.
3. Appointment of Quaestor Capital as independent advisor
The reconstituted Board appointed Quaestor Capital as independent advisor to
the company. Quaestor Capital will, inter alia, conduct a financial and
operational overview of the company and its prospects, upon completion of which
the Board will decide on an appropriate course of action.
Further announcements will be made in due course.
Pretoria
26 February 2001
Independent advisor
Quaestor Capital (Pty) Ltd
Registration number 1991/007330/07
Sponsor
KPMG
Registered Chartered Accountants (SA)
Attorneys
Knowles Husain Inc
Attorneys
Registration number 2000/000004/21
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