FOR SALE SIGN GOES UP ON TRUWORTHS' AUSTRALIAN SUBSIDIARY

TRUWORTHS INTERNATIONAL LTD (TRUWORTHS) SAID TODAY THAT A PROCESS TO SELL ITS
AUSTRALIAN SUBSIDIARY, SPORTSGIRL SPORTSCRAFT GROUP (PTY) LTD (SPORTSGIRL) WAS
UNDER WAY.

IT SAID SPORTSGIRL'S DIRECTORS HAD PLACED THE COMPANY INTO VOLUNTARY

ADMINISTRATION BY AUSTRALIA'S LARGEST SPECIALIST CORPORATE RECOVERY AND
RECONSTRUCTION FIRM, FERRIER HODGSON, WITH A VIEW TO SELLING IT AS A GOING
CONCERN.

THE ANNOUNCEMENT FOLLOWS THE STATEMENT ON NOVEMBER 10 BY TRUWORTHS' CHIEF
EXECUTIVE, MICHAEL MARK, THAT WORSE-THAN-EXPECTED LOSSES AT SPORTSGIRL HAD
PROMPTED TRUWORTHS TO RE-ASSESS ITS INVESTMENT.

MR MARK SAID TODAY THE PROCESS INVOLVED THE APPOINTMENT OF ADMINISTRATORS FROM
FERRIER HODGSON WHO WOULD TAKE CONTROL OF THE BUSINESS AND RESTRUCTURE ITS
OPERATIONS, FOR A SALE.

"THE ADMINISTRATORS HAVE WIDE POWERS THAT ENABLE THEM TO ENSURE IT REMAINS A
GOING CONCERN."

THE PROCESS AND A SALE WOULD ENABLE TRUWORTHS' MANAGEMENT TO FOCUS ON THE CORE
SOUTH AFRICAN BUSINESS. THE DECISION WAS IN LINE WITH THE COMMITMENT EARLIER
THIS YEAR TO TAKE ACTION OVER SPORTSGIRL.

TRUWORTHS' CHAIRMAN, EDDIE PARFETT, SAID THE DECISION BY SPORTSGIRL'S BOARD TO
PLACE THE COMPANY IN VOLUNTARY ADMINISTRATION FOLLOWED ITS POOR TRADING.
SPORTSGIRL AND SPORTSCRAFT STORES WOULD CONTINUE TO TRADE AS NORMAL, FOR THE
TIME BEING, UNDER THE DIRECTION OF THE ADMINISTRATOR.

THE JOINT ADMINISTRATOR, JOHN SPARK, OF FERRIER HODGSON, SAID IN A STATEMENT IN
MELBOURNE THAT THE AIM WAS TO RESTRUCTURE AND RUN THE BUSINESS WITH THE INTENT
OF A SALE IN THE SHORT TERM. HE SAID HINDAL CORPORATE PTY LTD WHO HAD BEEN
ENGAGED TO SELL THE BUSINESS AS A GOING CONCERN, HAD ADVISED THERE WERE SEVERAL
INTERESTED PARTIES WITH WHOM DISCUSSIONS WERE BEING HELD. HE ANTICIPATED THAT
THE SALE PERIOD WOULD NOT TAKE VERY LONG.

"WHILE WE WORK TO SECURE A SALE OF THE BUSINESS, IT IS BUSINESS AS USUAL,"
HE SAID.
ENDS
ISSUED FOR: TRUWORTHS INTERNATIONAL LTD
BY: DE KOCK & KERKHOFF COMMUNICATION CONSULTANTS
INQUIRIES: MICHAEL MARK/EDDIE PARFETT 021-460-7910
           CHRIS DURHAM 021-460-7502/082-8240280
           MIKE KERKHOFF 021-424-5280/082-882-8559