WTL - William Tell Holdings Limited - Receipt of third payment in respect of DTI

Release Date: 08/04/2011 16:19
Code(s): WTL
 
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WTL - William Tell Holdings Limited - Receipt of third payment in respect of DTI Grant WILLIAM TELL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 2004/030045/06) JSE Code: WTL ISIN:ZAE000098133 ("William Tell" or "the Company") RECEIPT OF THIRD PAYMENT IN RESPECT OF DTI GRANT Further to the announcement released on SENS on 1 December 2009 ("the announcement") detailing the Company`s successful application for a grant in terms of the provisions of the EIP: Manufacturing Investment Programme ("MIP") administered by the Department of Trade and Industry, in respect of its new production facility at Chamdor, Krugersdorp ("the DTI grant"), the Company is pleased to advise that it has received the first payment in the amount of R7.5 million in respect of the second R15 million tranche of the DTI grant. This amount is non-taxable, non-repayable and will be amortised to income over the useful life of the plant, being 35 years in accordance with IFRS. This payment follows the first two payments of R9 million and R6 million, respectively, in respect of the first tranche, as announced on 19 November 2010 and 22 March 2011, respectively. As stated in the announcement, the DTI grant is for a total amount of R30 million payable in two tranches (one payment each in respect of the 2010 and 2011 financial year end) of R15 million each, within 90 days of finalisation of the audited financial statements of the Company for the financial years ending on 30 June 2010 and 30 June 2011, respectively, subject to the conditions detailed in the announcement. The Company is confident that these conditions will be met. Johannesburg 8 April 2011 Designated Advisor: PSG Capital (Proprietary) Limited Date: 08/04/2011 16:19:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department . The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
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