Regal Treasury Bank Holding Limited - Announcement
Shareholders are referred to the Company's announcement dated 11 February
2002 in which they were advised as to the status of negotiations for the
disposal of the assets of Regal Treasury Private Bank Limited ("Regal
Bank").
On 25 March 2002, The Curator of Regal Bank advised depositors and creditors
of Regal Bank in writing that it had not been possible to date to conclude a
satisfactory sale of the building situated at 93 Grayston Drive or to
finalise a Scheme of Arrangement with Investec Bank Limited ("Investec").
He noted that that Investec remains prepared to propose the Scheme of
Arrangement should it be requested to do so.
In view of the above, the Curator has, with the approval of the Board of
Directors of Regal Holdings, obtained the approval of the Registrar of Banks
to make an immediate cash distribution to all depositors and creditors of
Regal Bank and subsequently, in the event that no satisfactory offer is
received from Investec or other institutions during the balance of the
Curatorship, to take appropriate steps at an that time to maximize value.
It remains the intention of the Board to manage the affairs of Regal
Holdings in order to achieve an orderly winding down of the company.
Until such time as there is more clarity on material outstanding matters,
the shares of the company will continue to be suspended on the JSE.
27 March 2001
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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