Taufin Holdings Limited - Suspension Of Trading Of
("shares") and convertible debentures ("debentures") on the JSE Securities
Exchange SA ("JSE")
Taufin Holdings Limited
(Registration number 1998/019584/06)
("Taufin" or "the Company")
Share Code "TUF" (ordinary shares) "TUFD" (convertible debentures)
ISIN Code :ZAE000017703 (ordinary shares) ZAE000017836 (convertible
debentures)
Suspension of trading of the ordinary shares ("shares") and convertible
debentures ("debentures") on the JSE Securities Exchange SA ("JSE")
The directors of the Company have requested the JSE to suspend the shares
and debentures from trading on the JSE with immediate effect, for the
following reasons:
The Company has not been able to publish its financial statements in respect
of the financial year ended 31 March 2001, as a result of a number of
matters, primarily pertaining to the valuation and existence of assets (both
fixed and current), which need to be resolved with the auditors Deloitte &
Touche;
Certain lessees have defaulted on their rental commitments and have failed
to give possession of the equipment back to the Company;
A material debtor owing R6 million to Taufin had reached agreement with the
Company in terms of which such debtor would pay R125 000 a month for a
period of 4 years. The Company has subsequently been prevented from
accessing these monthly payments, as a result of a garnishee order being
placed upon the debtor by another company, resulting in the funds being
placed in trust pending the outcome of High Court inter-pleader proceedings.
At this point R500 000 which is owing to the Company has been placed in
trust, and has consequently negatively affected the cash flow;
As a result of the withholding of these payments, the servicing of the
interest due on the debentures has been unavoidably delayed.
The Company is currently in negotiations, which are fundamental to its
survival, with third parties with a view to introducing funding in order to
improve its cash flow position.
The JSE has approved the request and accordingly the shares and debentures
will be suspended today.
Durban
2 November 2001
Sponsor
LPC Manhattan sponsors (Pty) Limited
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