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Trading update and Set Point minorities adjustment obligation
TORRE INDUSTRIES LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR ISIN: ZAE000188629
("Torre" or "the Group")
TRADING UPDATE AND SET POINT MINORITIES ADJUSTMENT OBLIGATION
Shareholders are advised that earnings per share for the
financial year ending 30 June 2016 are expected to be lower
than the corresponding period in 2015. This expectation is
based on the disappointing trading results for the four months
ended 30 April 2016, which include the traditional slow month
of January as well as the Easter period.
The weaker trading performance is primarily due to the
challenging operational environment for industrial groups
similar to Torre including weak commodity prices, low business
confidence and a volatile exchange rate. In addition Torre has
focused on the consolidation of its business and has not
completed any material acquisitions in the current financial
year. Unit sale volumes in the consumer businesses are also
down compared to prior periods. Accordingly cost-optimisation
measures have been implemented across the Group, especially in
the under-performing business units.
The African business units continue to perform ahead of
expectations.
Based on the anticipated lower earnings Torre is expected to
have an upward adjustment obligation of 456 151 Torre shares
(approximately R1,3 million) to the previous Set Point
minority shareholders as set out in the Adjustment Notice
contained in the Combined Circular to Set Point shareholders
dated 13 April 2015. The upward adjustment obligation must be
settled by latest 31 October 2016. The four previous majority
Set Point shareholders are excluded from the upward adjustment
obligation in terms of their agreement with Torre to waive
these rights to facilitate an immediate integration of Set
Point with Torre.
To the extent required, a trading statement will be released
in terms of paragraph 3.4(b) of the JSE Listings Requirements,
once greater certainty is obtained regarding earnings for the
financial year ending 30 June 2016.
The forecast financial information on which this trading
update is based, has not been reviewed or reported on by
Torre’s external auditors.
Johannesburg
10 May 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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