AXIAM HOLDINGS LIMITED
(formerly TBB Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/020853/06)
("Axiam" or "the Company")
FINANCIAL UPDATE
Shareholders were advised in May 1998 that the Company (then named TBB
Holdings) had acquired the shares in and shareholders claims against the
Axial Specialised Finance Group of companies ("Axial") from various parties
("the Vendors"). The purchase consideration of R57,4 million was settled by
the issue of shares in the Company. Certain of the consideration shares
were purchased from the Vendors by The Business Bank Share Incentive Trust
("the Trust"). The Trust funded the purchase with funds borrowed from a
subsidiary of the Company. The Company contends that such purchase
contravened Section 38 of the Companies Act. The Vendors repudiate this
contention.
Shareholders are now advised that agreement has been reached in terms of
which certain of the Vendors have purchased the South African and one of the
European operating companies of Axial and any claims which the Company might
have had against these Vendors arising from the original transaction have
been waived for a cash consideration of R10,4 million.
Such agreement forms an integral part of management's efforts to unravel and
wind down the complex financial affairs of the Company. Shareholders will
be advised of further developments in this regard.
By order of the board
NATHIERA ABDULLAH
Secretary
Rondebosch
23 July 2001
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