Millionair - Suspension Of Trading In Millionair Shares On The Jse Securities
Release Date: 10/03/2004 09:56:01 Code(s): MLL
Millionair - Suspension Of Trading In Millionair Shares On The JSE Securities
Exchange South Africa
Millionair Charter Limited
(Registration number 1993/000092/06)
Incorporated in the Republic of South Africa
("Millionair" or "the Company")
Share Code: MLL ISIN Number: ZAE000017810
SUSPENSION OF TRADING IN MILLIONAIR SHARES ON THE JSE SECURITIES EXCHANGE SOUTH
AFRICA
Shareholders are referred to the announcement published on SENS on 3 March 2004,
where it was advised that despite the agreement with Sun Air 2001 (Pty) Ltd
("Sun Air") to assist in the management of Sun Air, Sun Air will not be able to
repay outstanding funds of approximately R4.5 million ("the outstanding funds").
It is now advised that the outstanding funds will have to be written off.
Shareholders are also referred to the annual report for the year-end 28 February
2003. In the emphasis of matter paragraph in the audit opinion contained
therein, attention was, inter alia, drawn to the fact that the financial
statements had been prepared on the basis of accounting practices applicable to
a going concern. This basis presumed that funds would be available to finance
future operations and that the realisation of assets and settlement of
liabilities, contingent obligations and commitments would occur in the ordinary
course of business. The ability of the company to continue as a going concern
was dependent on a number of factors, the most significant being the
continuation of financial support by the company"s controlling shareholders and
the ability to continue profitable operations.
The controlling shareholders have now advised the company that they will no
longer continue to financially support Millionair.
The directors of Millionair ("the board") having considered the impact of the
write off of the outstanding funds on the company and the withdrawal of
financial support are of the opinion that the company can, despite the
contracts entered into as detailed in the announcement of 3 March 2004, no
longer continue as a going concern.
The board has therefore decided to apply for the provisional liquidation of the
company.
The board has also requested a suspension of trading in its securities on the
JSE Securities Exchange South Africa ("the JSE"). The JSE has agreed to this and
trading has been suspended with effect from commencement of trading on
Wednesday, 10 March 2004.
Shareholders will be kept appraised of the status of the company in this regard.
Johannesburg
10 March 2004
Sponsor
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
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