Kolosus - Renewal of cautionary, updated announcem
Kolosus Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1978/000181/06)
Share code: KOS ISIN: ZAE000008504
("Kolosus" or "the Company")
Renewal of cautionary, updated announcement and profit warning
Shareholders are referred to the announcements dated 29 January 2003, 7 February
2003 and 26 February 2003 relating to the Daun & Cie. Aktiengesellschaft
acquisition ("Daun acquisition"), the ongoing Seton Company USA matter ("Seton
claim") and the disposal of the 50% shareholding in De Aar Abattoir (Pty) Ltd
("De Aar Abattoir disposal").
Daun acquisition
The condition precedent for the consent of banks in regard to the sale of the
Kolosus shares has been extended until 31 March 2003.
Seton claim
Kolosus has filed an application for leave to appeal on 28 February 2003. This
matter is now subject to the appeal process, and the judgment is accordingly
suspended pending the finalisation of this process.
De Aar Abattoir disposal
Shareholders are advised that one of the conditions precedent were not fulfilled
on 28 February 2003 and the parties to the agreement have decided not to proceed
with the transaction.
Profit Warning
Shareholders are referred to the published reviewed interim results for the six
months ended 31 October 2002 indicating that the final results for the year
ended 30 April 2003 would reflect trading results in line with the previous
year, with the possibility that they could be somewhat better.
However, as a result of the stronger Rand, vast quantities of cheap imported
proteins caused a severe drop in meat prices which will impact negatively on the
Company"s trading during the last quarter of the financial year and will result
in Kolosus incurring an extraordinary loss for that quarter, and a loss for the
financial year ending 30 April 2003. Should meat prices increase before 30
April 2003 the loss may be minimised.
Cautionary update
Shareholders are therefore advised to continue exercising caution when dealing
in the Company"s securities until a further announcement is made.
13 March 2003
Pretoria
Sponsor
PriceWaterhouseCoopers Corporate Finance (Pty) Ltd
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