Regal Treasury Bank Holdings Limited - Announcemen
Regal Treasury Bank Holdings Limited
Shareholders are advised that negotiations have been finalized in terms of
which the property known as 93 Grayston Drive, Sandton, owned by Chesvan
Property Developments (Pty) Ltd, a wholly owned subsidiary of Regal
Holdings, has been disposed of to Old Mutual for a consideration of R80
million.
The sale consideration will accrue, after the deduction of certain costs, to
the Curator of Regal Treasury Bank Limited for the benefit of depositors and
will therefore have no effect on the position of the shareholders of Regal
Holdings.
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 and its
subsidiaries.
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.
6 May 2002
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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