BIOSCIENCE BRANDS LIMITED - Winding-up of two non-core subsidiaries
BIO 201207270050A
Winding-up of two non-core subsidiaries
BioScience Brands Limited
(Registration number 2005/005805/06)
Incorporated in the Republic of South Africa
Share code: BIO
ISIN Code: ZAE000115036
("BioScience" or "the Company")
Winding-up of two non-core subsidiaries
BioScience resolved on 3 July 2012 to wind-up its wholly owned non-core subsidiaries, Vitamology
(Proprietary) Limited (“Vitamology”) and Rare Earth Minerals (Proprietary) Limited (“REM”) as part
of its corporate simplification strategy.
REM has not traded for more than 5 years and Vitamology has only traded to a very limited extent.
The companies collectively owe BioScience R31,5 million, R31.1m of which has been impaired by
BioScience in previous Financial years, and there is very little prospect that this debt will be repaid.
Application has accordingly been made to the High Court for a winding-up order and an order was
granted on 16 July 2012. The liquidation process will commence once a liquidator has been
appointed by the Master of the High Court.
Shareholders are assured that the winding-up of Vitamology and REM will not impact on the
normal trading activities of BioScience and its core subsidiaries.
27 July 2012
Designated Advisor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Date: 27/07/2012 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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