UNIFER HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010061/06)
(Share code UNF ISIN ZAE000027504)
("UniFer")
Update to shareholders AND CONTINUATION OF SUSPENSION
1. PROGRESS REPORT
Further to the press announcements published on 16 January 2002, 18 January
2002 and 31 January 2002, the directors of UniFer advise that:
- the process to determine and review the net asset value of UniFer at 31
January 2002 is well advanced, but the field work at the Lantern operation
in East London is taking longer than expected. Accordingly, the external
auditors (Ernst & Young) and independent auditors (Deloitte & Touche) who
have been tasked with the reviews, require additional time to complete their
reports; and
- the UniFer management team has been strengthened by contracting specialist
skills to it.
2. ABSA'S COMMITMENT TO UNIFER
As previously reported, Absa Group Limited has undertaken to recapitalise
UniFer, to provide support to depositors and to provide the necessary
liquidity to UniFer during this period, should it be required.
3. CONTINUATION OF SUSPENSION
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa ("JSE"), the JSE has, due to the fact that the external auditors are
still in the process of finalising their review of the net asset value of
UniFer, extended the suspension of the listing of the UniFer shares on the
JSE until further notice.
4. FURTHER ANNOUNCEMENT
A further detailed announcement regarding the net asset value as determined
by the board of UniFer and the proposed restructuring plans will be made in
due course.
Sandton
15 February 2002
Merchant bank to the transaction
ABSA CORPORATE AND MERCHANT BANK
Corporate Finance
(Registration number 1986/004794/06)
Attorneys
Werksmans Incorporated
(Registration number 1990/007215/21)
Sponsor and corporate adviser
Barnard Jacobs Mellet
Corporate Finance
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