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TRUWORTHS' OFFER ON SPORTSGIRL ACCEPTED

Release Date: 26/04/2000 16:24
Code(s): TRU
Wrap Text
APRIL 26, 2000

TRUWORTHS INTERNATIONAL LTD SAID TODAY CREDITORS OF ITS AUSTRALIAN SUBSIDIARY, SPORTSGIRL SPORTSCRAFT GROUP PTY LTD, WHICH WAS PLACED IN VOLUNTARY
ADMINISTRATION LAST NOVEMBER, HAD VOTED TO ACCEPT A PROPOSAL THAT WOULD RESULT IN AN INCREASED DIVIDEND TO UNSECURED CREDITORS.
THE VOLUNTARY ADMINISTRATORS HAD RECOMMENDED ACCEPTANCE OF A PROPOSED DEED OF COMPANY ARRANGEMENT AS BEING IN THE COMMERCIAL INTERESTS OF CREDITORS. THE PROPOSAL INVOLVED TRUWORTHS GIVING UP AROUND HALF OF ANY CASH DIVIDENDS IT COULD RECEIVE FROM THE SALES OF SPORTSGIRL BUSINESSES.
TRUWORTHS SAID IT HAD BEEN ADVISED THAT 104 OF THE 132 VOTES CAST AT A MEETING OF SPORTSGIRL CREDITORS IN MELBOURNE TODAY WERE IN FAVOUR OF THE DEED, AND 26 WERE AGAINST. ON VALUE, 91,4% OR A$81MILLION VOTED FOR THE DEED AND 8,6% OR A$7MILLION VOTED AGAINST IT.
TRUWORTHS SAID IT HAD BEEN ADVISED THAT THE FINAL RETURN TO SPORTSGIRL CREDITORS WOULD ONLY BECOME CLEAR IN THE NEXT THREE MONTHS. ENDS ISSUED FOR : TRUWORTHS INTERNATIONAL LTD
BY : DE KOCK & KERKHOFF COMMUNICATION CONSULTANTS INQUIRIES : MICHAEL MARK 021-460-7910 CHRIS DURHAM 021-460-7502 MIKE KERKHOFF 021-424-5280

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