FASHION AFRICA LIMITED - DISPOSAL OF FASHAF (PTY) LIMITED AND STATUS OF LISTING
FASHION AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017149/06)
Share code: FSH ISIN: ZAE000037693
("Fashaf" or "the company")
DISPOSAL OF FASHAF (PTY) LIMITED AND STATUS OF LISTING
At the general meeting of shareholders of Fashaf held on Tuesday, 16 September
2003, the necessary resolution to implement the disposal by Fashaf of its entire
shareholding in Fashaf (Proprietary) Limited ("Fashaf Pty") to Pepkor Limited,
with effect from 3 April 2003, for a cash consideration of R4 million ("the
disposal"), was duly passed.
The listing of the company"s shares on the JSE Securities Exchange South Africa
("the JSE") was suspended on 1 November 2002 as a result of the wholly-owned
trading subsidiaries of Fashaf, namely Fashaf Pty and Jones Retailing (Pty)
Limited, having been placed in provisional liquidation on 1 November 2002.
Having regard to the amount of the liabilities of Fashaf owing to its bankers
and Vestacor Limited, the entire amounts to be received by Fashaf by virtue of
the disposal and the creditors" dividend of 3,9 cents in the Rand (R4,59
million) to be received from Fashaf Pty, will be paid to creditors of Fashaf in
reduction of Fashaf"s indebtedness to such creditors.
Accordingly, no portion of the aforementioned amounts to be received by the
company will be available for the benefit of shareholders.
In terms of the Listings Requirements of the JSE, Fashaf has been granted a
period of 6 months from the date of the general meeting referred to above to
acquire assets qualifying the company for a continued listing on the JSE,
failing which the company"s listing on the JSE will be terminated.
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