Spicer to sell assets

Johannesburg, 03 Jul 2002

Spicer Holdings says it will dispose of its remaining assets to allow it to wind down in an orderly manner.

The JSE suspended Spicer`s share in December at the request of the group`s directors when its principal bankers decided not to continue its facilities.

Spicer`s sole operating asset is Swedish company Inter-IT Konsult.

It says talks "have been substantially completed to dispose of the remaining assets in a manner which will allow for the settlement of the obligations of the company and an orderly winding down of the company".

It expects to make another announcement in the next few weeks.

Spicer reported a headline loss of R4.7 million for the six months to December last year, compared with a profit of R1.9 million previously. It blamed that on a slowdown in the IT industry in Sweden.

The same reason was given for a loss of R12 million for the 12 months to June last year.

The group was left with the Swedish company after selling off its other subsidiaries.

It admitted last year that it was dependent on the continued support of its financiers, and it had granted its interest in Inter-IT Konsult as security in accordance with a request from the financiers.

Spicer says the share is to remain suspended.