CIRCULAR ON THE DISPOSAL OF 40% INTEREST IN PIONEE
On 12 June 2001, Thabex announced that the company disposed of its 40%
interest in Pioneer Minerals (Pty) Ltd ("Pioneer") for a total consideration
of R2,604,000 and the refund of Thabex's loan account of R896,000.
Due to a dispute between the current directors of Pioneer the Annual
Financial Statements for Pioneer for the period ended 28 February 2001 has
not been signed by its board of directors and resulted in a delay in the
reporting accountants report and therefore publication of the circular to
Thabex shareholders. The JSE Securities Exchange South Africa ("JSE") is now
satisfied with the contents of the review opinion contained in the
accountants report submitted by the Auditors, Messrs Haumann Rodger,
provided that should the figures change after publication of the circular,
Thabex will inform shareholders of these changes.
The circular to shareholders will be sent to shareholders within 28 days
from the date of this announcement.
For further information, please contact:
Marius Welthagen -or- Leopold Bosch -or- Explore our website:
Managing Director Director www.thabex.com
(086)084-2239 (086)084-2239 info@thabex.com
Johannesburg 18 October 2001
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