Stilfontein Gold Mining Company Limited - Provisio
Stilfontein Gold Mining Company Limited - Provisional liquidation announcement
Stilfontein Gold Mining Company Limited
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1949/033412/06)
ISIN NO: ZAE000007118 SHARE CODE: STI
(`STILFONTEIN` OR `THE COMPANY`)
PROVISIONAL LIQUIDATION ANNOUNCEMENT
Shareholders are referred to the announcement published on SENS on 7 June 2005
relating to the voluntary suspension by the directors of the Company (`the
board`) in Stilfontein shares on the JSE securities Exchange South Africa as a
result of an application by the board to the High Court of South Africa
(Witwatersrand Local Division) for the provisional liquidation of the Company.
It is now advised that Stilfontein has applied for provisional liquidation with
effect from 15 June 2005.
The Department of Water and Forestry (`DWAF`) and Anglo Ashanti (`Anglo`) have
opposed the liquidation of Stilfontein as DWAF and Anglo are alleging that
Stilfontein should be responsible and continue to pay for the pumping expenses
in the area, which the company does not have the resources to do. Independent
legal advice also concluded that it would be reckless for the board to cause
Stilfontein to incur liabilities which it could never pay. As a result the board
has taken the decision to support the appointment of new directors of
Stilfontein to be nominated by Anglo. If Anglo does not nominate new directors
then it is the intention of the board to resign and leave the appointment of new
directors to the Stilfontein shareholders. Shareholders will be kept abreast of
all developments in this regard
Johannesburg
17 June 2005
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 17/06/2005 10:36:22 AM
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