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Vogelstruisbult. (VOGS)

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Tuesday 23 November, 1999

Vogelstruisbult.

Liquidation

Vogelstruisbult Metal Hldgs Limited
23 November 1999


VOGELSTRUISBULT METAL HOLDINGS LIMITED
(Registration No.  05/04346/06)
(Incorporated in the Republic of South Africa)
('the company')

COMPANY ANNOUNCEMENT

In the Chairman's Review in the 1999 annual report, released in September
1999, it was stated that certain tax issues would need to be resolved before
the board could assess the optimal way of further unlocking shareholder value.
 These issues have now been satisfactorily resolved and in order to remove the
discount to which the company's shares currently trade, the board believes
that liquidation is the optimal route to follow.  In order to commence this
process the company intends to dispose of its remaining assets and to attend
to certain administrative and regulatory matters requiring resolution before
initiating formal liquidation.  Because of the protracted nature of the
liquidation process, the board will give consideration to the declaration of a
dividend in anticipation of liquidation immediately prior to the appointment
of liquidators.  It is anticipated that this will occur before the end of the
current financial year.


                                                                                           

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