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TORRE INDUSTRIAL HOLDINGS LIMITED - Appointment of non-executive director and cautionary announcement

Release Date: 25/02/2013 12:00
Code(s): TOR     PDF:  
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Appointment of non-executive director and cautionary announcement

TORRE INDUSTRIAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR
ISIN: ZAE000169322
(“Torre” or “the Company”)

APPOINTMENT OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR AND
CAUTIONARY ANNOUNCEMENT

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

In compliance with section 3.59 of the Listings Requirements
of the JSE Limited, the board of directors of Torre is pleased
to announce the appointment of Mr Alan Keschner (“Mr
Keschner”) as an independent non-executive director with
effect from 25 February 2013.

Mr Keschner has a BSc in Mechanical Engineering and a Post-
Graduate Diploma and Masters Degree in Industrial
Administration. Mr Keschner has also completed various
advanced courses in finance and management.

Mr Keschner has held substantial permanent and interim
management positions in both privately held and listed
companies and has had executive and non-executive director
representation on various boards. He was an executive and main
board member of the Hudaco Group for a number of years, a
business that is listed on the JSE and focussed on sales and
distribution of industrial and automotive consumables. In this
role Mr Keschner gained experience that will be invaluable to
Torre going forward.

Mr Keschner has broad experience in mergers and acquisitions,
turnarounds, restructurings, growth initiatives, team
development and business and asset sales. He also has
extensive global travel and international business experience
and close ties to a range of financial institutions and
investment funds.

Mr Keschner has a strong knowledge of company legislation,
legal activities and corporate governance and has experience
in advisory, training and mentoring work, including at
educational institutions. He has worked in a wide range of
industrial and trading industries, including the spare parts,
capital equipment and services sectors.

The Company welcomes Mr Keschner to the board and looks
forward to gaining from his insight and experience.

CAUTIONARY ANNOUNCEMENT
Shareholders are advised that Torre is in advanced
negotiations regarding the acquisition of 100% of the business
of Tractor and Grader Supplies (Pty) Ltd (“TGS”). The
acquisition of TGS will constitute a Category 1 transaction
under the JSE Listing Requirements. If the acquisition is
successfully concluded, it may have a material effect on the
price of the Company’s securities.

The proposed acquisition is consistent with Torre’s strategy
of building a diversified portfolio of quality industrial
businesses via both acquisitive and organic growth.

TGS was established in 1994 in Kempton Park and has been
serving the aftermarket earthmoving industry for over 15
years. TGS specializes in repair parts and components for
Mining and Construction earthmoving equipment, including wear
and undercarriage solutions. TGS has a Rebuild Centre which is
fully equipped for complete machine rebuilds and component
repairs. TGS has several strategically positioned branches in
Southern Africa and boasts ISO 9001:2008 certification.

A term sheet has been signed between the parties and Torre
expects to finalise its due diligence exercise, sign full
legal agreements and secure financing for the acquisition
within the next four weeks.

Accordingly, shareholders are advised to exercise caution when
dealing in the Company’s securities until a further
announcement is made in this regard.


Johannesburg
25 February 2013

Corporate adviser:     AfrAsia   Corporate   Finance   Proprietary
Limited
Designated adviser:   PSG Capital Proprietary Limited

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