BEG
BEG
Beige Holdings Limited - Former Beige Directors
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161
Share code: BEG
FORMER BEIGE DIRECTORS
The board of directors of Beige would like to clarify certain issues surrounding
the recently publicised fact that two former Beige directors are due to appear
in court today relating to charges of fraud.
Shareholders are advised that the fraud relates to the "former" Beige, which
collapsed in late 1999. The company"s securities were suspended and the company
underwent a massive restructuring over a two year period before being
unsuspended on the Venture Capital Market in September 2001, at which time a new
board was appointed.
Beige has continued to support the pursuit of criminal charges against the
former directors and in 2004 shareholders approved expenditure for Beige to fund
a forensic investigation by KPMG Inc. Once the criminal case has been
finalised, Beige will investigate civil claims in an attempt to recover assets
from the former directors, where possible.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on the AltX and that the JSE does not
guarantee the viability or the success of a company listed on the AltX. In
terms of the JSE Listings Requirements, a Designated Advisor has to be retained
by the company. The Designated Advisor is required, inter alia, to attend all
board meetings held by the company to ensure that all the JSE Listings
Requirements and applicable regulations are complied with, approve the financial
director of the company and guide the company in a competent, professional and
impartial manner. If the company fails to retain a Designated Advisor it must
make arrangements to appoint a new Designated Advisor within 10 business days,
failing which the company faces suspension of trading of its securities. If a
Designated Advisor is not appointed within 30 days of its suspension, the
company faces the termination of its listing without an offer to minorities.
Johannesburg
04 April 2006
Designated Advisor
Arcay Corporate Services
Date: 04/04/2006 04:42:10 PM Produced by the JSE SENS Department
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