1999/07/16
ANNOUNCEMENT [JSE Securities Exchange - SENS]
 
16/07/1999 - 20:35:36

O'HAGANS INVESTMENT HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 93/01719/06)
ANNOUNCEMENT
AS A RESULT OF THE O'HAGANS GROUP BEING UNABLE TO CONCLUDE SATISFACTORY
ARRANGEMENTS WITH ITS BANKERS TO RESTRUCTURE THE AMOUNTS OWING TO THEM, THE
DIRECTORS HAVE RESOLVED TO PLACE THE MAJOR OPERATING SUBSIDIARY OF THE GROUP,
O'HAGANS FRANCHISE MARKETING (PTY) LTD, INTO VOLUNTARY LIQUIDATION. THEY HAVE
ALSO REQUESTED THE JOHANNESBURG STOCK EXCHANGE TO SUSPEND TRADING IN THE SHARES
OF O'HAGANS INVESTMENT HOLDINGS LIMITED AS FROM MARKET OPENING THIS MORNING,
FRIDAY, 16 JULY 1999.
THE DIRECTORS HAVE BEEN ADVISED THAT AN OFFER OF COMPROMISE WILL BE PROPOSED TO
THE COMPANY. THEY ARE CONFIDENT THAT THE O'HAGAN'S FRANCHISE AND THE BARON'S
FRANCHISE WILL CONTINUE TO BE MAJOR PARTICIPANTS IN THE THEME BAR INDUSTRY AND
THAT THE FRANCHISES WILL CONTINUE TO DEVELOP AND BE SUCCESSFUL.
TRADING AT STORE LEVEL IS NOT AFFECTED. IT WAS PURELY A HEAD OFFICE GEARING
PROBLEM AND HAS NOTHING TO DO WITH THE FRANCHISED UNITS.
PRODUCED BY: ELIZE BLOM 16-07-1999 14:15 SENS

PUBLISHER : JSE SENS Feed
Source: JSE Securities Exchange - SENS
 
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