Shareholders are referred to the Company's announcements dated 25, 26 and 27
June 2001, more especially the withdrawal by the Company's auditors of their
consent to the publication of the results of the Company for the financial
year ended 28 February 2001, and the subsequent placing of Regal Treasury
Private Bank Limited ("Regal Bank") under curatorship, as well as
investigations conducted by the Curator. It appears that there may be
grounds for contending that Regal Bank should not have declared a dividend
to the Company.
The dividend declared by the Company is reliant on that declared by Regal
Bank. Investigations already conducted and still to be conducted may prove
such dividend in the given circumstances not to be justified in which event
no claim shall accrue to shareholders of the Company for the dividend thus
declared.
A Commission has been established by the Registrar of Banks ("the
Registrar") in terms of section 69A of the Banks Act No. 94 of 1990 (as
amended) to investigate the business, trade, dealings, affairs or assets and
liabilities of Regal Bank and which will inter alia canvass the dividend so
declared.
The attention of shareholders is drawn to the letter addressed by the
Curator to the depositors of Regal Bank dated 16 August 2001. A copy of
this letter will be posted to all shareholders.
This announcement has been made with the approval of the Curator and with
the knowledge of the Registrar.
The listing of the Company's shares on the JSE Securities Exchange will
continue to remain suspended.
20 August 2001
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Legal Advisor
Kallmeyer & Strime
Attorneys
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