Top Info Technology Holdings Limited
(Incorporated in the Republic of South Africa)
("Top-Tech" or "the company")
(Registration number 1998/001957/06)
Further announcement
1. Application for the liquidation of Top-Tech
An application has been lodged by a creditor of Top-Tech for the liquidation of
the company ("the liquidation"). The board of directors (the "Board"), having
studied the independent financial and operational overview of the company and
its prospects, decided not to oppose the application for the liquidation.
2. Effect on operations and publication of interim results
Although the liquidation will have a detrimental effect on the group's
activities, senior management will endeavour to minimise the impact thereof on
subsidiary companies and clients and customers. Until further information
becomes available, the Board cannot comment on the likely outcome of the
liquidation proceedings. Shareholders are however cautioned and referred to the
company's interim results for the six months ended 31 December 2000 published
today.
3. Further investigation into the company's affairs
The Board has decided to commission a full investigation into the cause of the
company's decline. This investigation will be conducted in conjunction with the
company's independent advisor, Quaestor Capital.
Further announcements will be made in due course.
Pretoria
13 March 2001
Independent advisor
Quaestor Capital (Pty) Ltd
Sponsor
KPMG Registered Chartered Accountants (SA)
Attorneys
Knowles Husain Inc Attorneys
(Registration number 2000/000004/21)
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