MICROmega Holdings Limited - Directors Resignations and Resignation of Auditors

MICROmega Holdings Limited - Directors Resignations and Resignation of Auditors 
Micromega Holdings Limited                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/003821/06)                                            
ISIN Code: ZAE000034435                                                         
Share Code: MMG                                                                 
("MICROmega") ("the Company")                                                   
Directors Resignations and Resignation of Auditors                              
Mr. John Newbury and Mr. Anthony Fletcher have resigned from the company with   
immediate effect. Mr. Newbury was the Chairman of the Board of Directors and Mr.
Fletcher was the Chairman of the Audit Committee. The resignation of Messrs     
Newbury and Fletcher follows the recent resignation of Moss Ngoasheng and leaves
the company in the position of having no non-executive directors.               
 The Auditors of the company have also resigned and early indications are that  
the company will have difficulty in replacing its auditors due to the perceived 
reputational risk arising from the well publicised allegations against Messrs   
Morris and King. The results for the year ended December 2002 cannot be         
finalised until new auditors have been appointed. It is not anticipated that    
this will be achieved in the short term.