ISIN Code : ZAE000025854
Share Code : SEM
The Board of directors of Sempres International Technology Holdings Ltd has
been involved in in-depth negotiations with interested potential investors,
over the past five months, in an endeavor to secure working capital to
finance the Group's growth and development. This working capital is
necessitated as a result of the restrictions placed on the company, in terms
of the suspensive clauses contained in the Purchase Agreement, of the
majority of the subsidiary companies in the Group. These cluses prevent the
company from obtaining funding for a working treasury from Group
subsidiaries.
A high level of enthusiastic interest has been evidenced from potential
investors. However, the Group has not been able to finalise any of the
negotiations held as a direct result of the inability to recover a
sufficient number of shares, held by the companies under the control of a
former Director, to satisfy the requirements of potential investors.
The Board has accordingly no option other than to wind-up the operations of
the Group, as it has insufficient funds to meet the payments of current
creditors and will be guilty of reckless trading practices should it
continue operations in the present circumstances.
Non-Executive Directors, C.J. Rich, N. Maredi, Executive Chairman, Peter
Cramer, Executive Director C Wessels, and F.C. Cohen together with Company
Secretary D.W. Hartslief have resigned from the Company, effective 31
October 2001.
31 October 2001
Mr. W. van der Merwe
Exchange Sponsors
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
