IFANET LIMITED - SUSPENSION OF LISTING
IFAnet Limited
(Registration number 1995/006144/06)
Share Code: IFA ISIN: ZAE 000027728
("IFAnet" or "the company")
Suspension of listing
IFAnet shareholders are advised that the agreement pertaining to the
specific issue of shares for cash to Dr Brian Benfield in terms of which the
company would have raised approximately R8 million ("the agreement"), will
no longer be implemented, as certain conditions precedent in the agreement
were not fulfilled.
The uncertain financial position of the company resulting from the
termination of the agreement, has resulted in the board of directors of
IFAnet ("the board") applying for the immediate suspension of the company`s
securities on the JSE Securities Exchange SA ("the JSE").
The board is urgently evaluating a number of alternative arrangements ("the
alternatives"), as a consequence, and the suspension will remain in force
until such time as they have been properly evaluated.
The immediate suspension of IFAnet`s securities has been approved by the
JSE.
A further announcement will be made as soon as the board has evaluated the
alternatives.
Houghton
14 June 2002
Date: 14/06/2002 04:01:05 PM Produced by the SENS Department
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