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Spanjaard Limited - Cautionary Announcement

Release Date: 20/11/2003 16:08:35      Code(s): SPA
Spanjaard Limited - Cautionary Announcement                                     
Spanjaard Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1960/004393/06                                              
Share Code: SPA   ISIN: ZAE000006938                                            
("the company")                                                                 
Cautionary Announcement                                                         
Shareholders are advised that the company has entered into negotiations, which  
if successfully concluded, may have a material effect on the price of the       
company"s securities.                                                           
Accordingly, shareholders are advised to exercise caution when dealing in the   
company"s securities until a further announcement is made.                      
20 November 2003                                                                
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Registration no. 1970/003711/07                                                 
Date: 20/11/2003 04:08:36 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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