Abulon Holdings


14 August 2012

Dear Shareholders, it looks as though finally all obstacles have been overcome in terms of finalising the liquidation. Bryan Wallace (the liquidator) is now ready to start paying out and will hopefully start on the process during the course of this week.

The Master of the court has now approved the process of opting for EFT payments as well. Kindly please forward your banking details to : info@wallacetrust.co.za

Dear Shareholder, the following notice was issued by the liquidators "Wallace Trust" on the 22nd of March 2012:

Dear Shareholder, I refer to our previous circular advising of the account lying for inspection and that upon confirmation of the first Liquidation and Distribution account a dividend will become payable to shareholders.

Two objections have however been lodged against the account and these will have to be addressed to the Master's satisfaction before he will consider confirming the account. The issues raised are presently being dealt with but it is anticipated that it will be some time before the Master will confirm the account as he will no doubt allow the objecting parties further time to respond to the issues raised once our views have been conveyed to him. It is difficult to place a time schedule as to when the account will possibly be confirmed but I think that shareholders should at this time anticipate a delay of a further 2-3 months.

Yours faithfully

EB Wallace - Liquidator

15 December 2011

The liquidators Wallace Trust have pleasure in advising that the First Liquidation and Distribution Account will lie open for inspection from the 6th January 2012. They will be circularising to all the shareholders via mail as well.


We are pleased to notify all shareholders that we have realised the following assets:

Sale of plant & equipment - R2 300 000.00
Bank Accounts in the name of : Abulon Ltd Blue Cape General Trading - R2 240 543.00

Total realisations as at this date - R4 540 543.00

Sale of plant & equipment with the sale value as at this time, e.g. R1 150 000, has been paid. The balance of R1 150 000 is due and payable as at December 2011.

It is proposed to pay an initial first dividend in the amount of 3.5 c per share to shareholders as identified in the share register.

A subsequent second dividend of a further 1.8 c per share to be paid in February 2012, subject to the balance of the sale in respect of the plant & equipment having been received.

A formal circular will be dispatched to all shareholders once the Master authorises the advertisement of the account.

16 April 2011 Earlier this week we received the first payment for the purchase of the farm which will be included in the pool that the liquidator is currently working on for the first distribution to shareholders. If you need any more information please make contact with the liquidator Wallace Trust @ info@wallacetrust.co.za

28 March 2011 - Today the agreement was signed for the purchase of the farm at Paternoster including buildings, equipment, etc. This will have a positive impact on the returns to the shareholders. The liquidator expects to pay over the 1st distribution to the shareholders within the next few months & will be communicating with the shareholders shortly. If you have any queries please contact the liquidator at the following contacts - info@wallacetrust.co.za

17 January 2011 - Today we handed over all files, documentation, etc to the liquidator Wallace Trust who will now start the process of winding up the company. We expect this process to take a couple of months after which the distribution can start. Please confirm all your relevant address & contact details - the liquidator contact details are info@wallacetrust.co.za

17 December 2010 - Breaking news - the liquidator has been officially appointed by the Master of the Court & a meeting was held today to begin the handover to the liquidator. Around mid January 2011 a notification will be sent to all shareholders advising them of the appointment and asking for their latest contact details. Please provide either the Abulon management or the liquidator with your very latest contact details.

24 November 2010 - According to the liquidator they are expecting the issuance of a certificate from the Master within the next day or so. Once we have the certificate we can hand over to the liquidator for distribution.

18 October 2010 - Late last week the Master of the High Court agreed to appoint the liquidator. We expect the Master to meet with the liquidator during the course of this week to appoint the liquidator who will then take over and start winding up the company.

23 August 2010 - At last we are moving forward, the Abulon Liquidation is about to be advertised in the Goverment Gazette and after a 21 working day period we can officially appoint the liquidator and allow them to get on with winding up the company and distributing the proceeds to the shareholders.

The sale of the farm still continues and we await the purchaser to come up with the funds to pay Abulon Holdings. Please note that the prospective new owner will be farming Fin fish on the farm and not Abalone.

5 March 2010 - CIPRO documentation received and meeting held with liquidator, we await the Master of the High Court to appoint the liquidator officially before we can commence.

Sale of the farm is still ongoing but looks like there is light ahead.

Majority of stock sold and on the water with only 300 odd cans left.

21 January 2010 - The start to the year brings some positive activities with regard to the liquidation;

We have sold about 50% of our stock of abalone cans of which almost all has been paid for. We hope to see the remainder of our stock leave before the end February.

The CM26LIQ special resolution has now been registered with CIPRO and we await the documentation. We are now in discussions with the liquidators.

The sale of the farm is a frustrating and ongoing process yet we feel that we are closing in on this and hope to have a resolution very soon.

9 December 2009 - An update on our progress regarding the voluntary liquidation of Abulon Holdings.

The CM26 special resolution document has been couriered to CIPRO and we await feedback regarding the registration of the special resolution. Once the resolution has been registered we can appoint the liquidator.

Sale of the farm - we are progressing a little slower than we had hoped. However, the interested party has applied to M&CM for the neccessary permits, we await a conclusion of the farm sale which we hope will be within the next few weeks.

Sale of our abalone stock - the markets seems to have picked up a little and we have shipped or are about to ship roughly 25% of our remaining stock. We hope to sell most of our remaining stock during the first two months of 2010.

Special General Meeting held 26 May 2009

At the SGM held on the 26th of May 2009 at the Oakdale Club, the shareholders unanimously decided to take up option 3 - "to Voluntarily Liquidate the Company"

The special resolution is in the process of being registered with CIPRO and we are waiting on confirmation in order that we can proceed with the appointment of the liquidator.

Currently management are looking at all options in order to maximise the proceeds from the closure of the company and provide maximum returns to the shareholders.