ANBEECO INVESTMENT HOLDINGS LIMITED
(Registration number 1984/002788/06)
("Anbeeco")
Announcement and further cautionary announcement
Despite all efforts by Anbeeco it has continued to incur losses. Moreover,
the franchises which Anbeeco holds for the distribution of certain brands of
watches have been terminated by mutual consent with effect from 31 July
2001. Anbeeco will, accordingly, cease trading under the main franchises at
the close of business on that date. The franchisors have appointed new
distributors so that there will be continuity both in trading and in the
servicing of the main products.
Anbeeco will continue trading in the short term under other franchises
which it has for the distribution of other brands of watches and will
explore methods of disposing of the business conducted under the other
franchises, or of the assets of that business.
Anbeeco has commenced an orderly realisation of all its assets which are
derived from the conduct of the main franchises. When the business conducted
under the other franchises has been disposed of, the assets attaching to
that will also be realised in an orderly fashion. On completion of this
exercise Anbeeco will become a cash shell and will either distribute its
cash to its shareholders and terminate its listing on the JSE Securities
Exchange South Africa, or it will acquire assets so that its listing can be
maintained.
Anbeeco shareholders are advised to continue to exercise caution in
dealing in their shares until a further announcement is made.
Johannesburg
31 July 2001
Sponsor
Appleton Securities
Registration number 1998/021849/07
Member of the JSE
Corporate Finance
Legal advisors
Werksmans Attorneys
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
