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Fri 30 May 2003, 18:08 Aqua Online Holdings Limited - Update To Sharehold
Aqua Online Holdings Limited - Update To Shareholders And Cautionary            
Announcement                                                                    
AQUA ONLINE HOLDINGS LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1971/005628/06)                                            
Share code: AQU                                                                 
ISIN: ZAE000024360                                                              
("AOH" or "the company")                                                        
UPDATE TO SHAREHOLDERS AND CAUTIONARY ANNOUNCEMENT                              
Shareholders are referred to the announcements published in the press on        
5 December 2002, 6 March 2003 and 3 April 2003 regarding the proposal to dispose
of the company"s underlying businesses and delist (the "transaction").          
The company still awaits certain regulatory approvals before the circular to    
shareholders can be issued.  The transaction may need to be restructured to     
accommodate amendments required to ensure approval.                             
Accordingly, shareholders are advised to exercise caution when dealing in the   
company"s securities until a further announcement is made.                      
Rosebank                                                                        
30 May 2003                                                                     
Transactional sponsor to AOH                                                    
Deloitte & Touche Sponsor Services
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