CENTRAL INFORMATION HOLDINGS LIMITED
(Registration Number 1997/002989/06)
(Incorporated in the Republic of South Africa)
("CIH" or "the Company")
SUSPENSION OF CIH FROM THE JSE
Central Information Holdings Limited (CIH) has requested the JSE Securities
Exchange South Africa (JSE) to suspend the shares of the company with immediate
effect.
The reasons are as follows:
1 All the founding directors and initiators of CIH have either left the
company by abandonment or for personal reasons and have withheld their
financial, technical and managerial support. A new set of directors were
co-opted in order to provide some form of continuity to the company.
2 The main subsidiary is currently insolvent and CIH intends to shortly apply
for provisional liquidation of it to avoid an increase in debt. This because
the call Center has discontinued its operations and is thus not servicing this
debt fully or even partially.
3 The only operating division being the iphone.co.za is currently insecure and
needs to be consolidated. Clients have been moved to a new wholesale service
provider who is providing support. Not all iphone.co.za clients is being
supported at present and this division is currently working on re-capturing all
clients onto the new system.
The following action is intended over the next few weeks during suspension:
a To place the principal subsidiary into liquidation.
b To ensure that the iphone.co.za division is operating effectively.
c To call for a scheme of arrangement with creditors within CIH in order to
resolve the outstanding financial problems
d To find an equity partner and to re-establish the Call Center through the
skills and resources of the new directors.
e To conduct a scheme of arrangement with creditors with the consideration of
a cash injection.
In order to conduct this, new directors have been appointed in the course of
the period. Messrs C.H. Kinsman, A. Isaacs, S Rajab and H.A. Kinsman have been
appointed to the board of directors and will be conducting the effort to
resolve these issues.
By Order of the Board
Craig Harold Kinsman
Director
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
