TIGER WHEELS LIMITED - TERMINATION OF CAUTIONARY ANNOUNCEMENT
TIGER WHEELS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1970/011662/07)
("Tiwheel" or "the company")
Share Code: TIW
ISIN Number: ZAE000007407
TERMINATION OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcements published on SENS on
30 June, 20 October, 27 October, 19 November and 29 December 2003 ("the
cautionary announcements"). Negotiations detailed therein regarding a possible
offer for the disposal of the group"s OEM wheel manufacturing businesses have
been terminated by the company.
Shareholders are further advised that agreement has been reached in principle to
realise the long held ambition of the company to create a uniform global
ownership and management structure for these operations. This will involve the
alignment of the previously unequal shareholding of Tiwheel, and that of the
significant German minority shareholder, in both ATS Beteiligungs Gmbh (ATS) and
TSW Manufacturing (Pty) Ltd - the wheel manufacturing plant in Babelegi, South
Africa ("the transaction").
The transaction will probably be structured by housing all the manufacturing
interests in ATS and will be subject to approval by the South African Reserve
Bank and other regulatory bodies.
Agreement has also been reached in principle for Siegfried F. Teichert, CEO of
ATS, to continue for a further three-year term as head of the group"s global OEM
wheel business.
While the successful implementation of the transaction should further enhance
the long-term prospects of TiWheel, it will have no material impact on equity or
earnings in the short term.
Further information will be provided as part of the company"s interim profit
statement, which is scheduled for publication in about three weeks.
As the negotiations referred to in the cautionary announcements have been
terminated, shareholders are advised that caution is no longer required when
dealing in their TiWheel shares.
Sponsor Legal Advisor
SASFIN CORPORATE FINANCE FLUXMANS
A DIVISION OF SASFIN BANK
LIMITED
Date: 17/02/2004 05:15:11 PM Produced by the JSE SENS Department
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