Announcement regarding: SILTEK PLACED IN PROVISIONAL LIQUIDATION
The board of Siltek announced today that the directors have placed the main
trading subsidiaries of Siltek into provisional liquidation to enable them
to review all alternatives for continuing operations.
The reason for the application is that Siltek Holdings (Pty) Ltd is
technically insolvent, and the capital restructuring plan (referred to in
the announcements dated 24 August, 28 September and 12 October 2001) has
failed to satisfy all interested parties. The directors had no choice but to
make an application to the court to place the company into provisional
liquidation.
Trading at subsidiary operations has been suspended pending the appointment
of a liquidator, whereafter various options to continue trading will be
evaluated.
The directors are still holding discussions with interested parties with the
objective of recaptilising the group and which will allow for trade to
continue at the various underlying operations.
Midrand
16 October 2001
Sponsor: RMB Corporate Finance
For more information, please contact:
Siltek Limited
Dave Lello - Chief Executive
011-541-9600
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