Regal Treasury Bank Holdings Limited
("Regal or holding company")
(Reg no 1998/023778/06)
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that the Board of Directors of Regal have decided
to undertake a significant restructure of the affairs of the company and of
Regal Treasury Private Bank Limited("Regal Bank")
The proposed restructure will, inter alia, involve the following:
1. The cancellation of approximately 45% of the ordinary shares of Regal in
issue and held by certain trust and other entities;
2. The restructure of the Board of Directors, it being advised that Mr Jeff
Levenstein has tendered his resignation as a director of both Regal and
Regal Bank and will hold no further responsibilities;
3. A substantial portion of Regal Bank's advances book will be acquired by
Investec Bank Limited;
4. An asset disposal programme will be undertaken over the forthcoming
months.
Following the proposed restructure, the capital of Regal Bank will be
comfortably above the minimum statutory requirement.
As a result of this proposed restructure, the auditors, Ernst & Young, have
advised that they have withdrawn their consent to the publication of the
preliminary audited results for the year ended 28 Feb 2001 which results
were published on 30 April 2001. They have advised that in view of the
proposals and new information that has come to their attention, they are
required to perform further work before an audit opinion can be expressed on
the annual financial statements of Regal for the year ended 28 February
2001.
The proposed restructure is subject to the approval of the various
regulatory authorities.
Shareholders are therefore advised to exercise caution in dealing in the
shares of the company until a further announcement is made.
25 June 2001
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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