To view the PDF file, sign up for a MySharenet subscription.

TORRE INDUSTRIAL HOLDINGS LIMITED - Voluntary update and new cautionary announcement

Release Date: 28/01/2014 17:13
Code(s): TOR     PDF:  
Wrap Text
Voluntary update and new 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”)


VOLUNTARY UPDATE AND NEW CAUTIONARY ANNOUNCEMENT

With a number of corporate transactions currently underway, the
Company felt it appropriate to provide shareholders with an
overview of the transaction processes as well as the anticipated
order of their announcement and completion.

Private Placement

On 13 January 2014 Torre announced that it had scheduled a road
show to potential investors during January 2014 to raise a
minimum of R175 000 000 by way of a private placement of new
Torre shares.

The private placement road show was completed on Friday 24
January 2014 and an announcement to shareholders on the success
thereof, together with pro forma financial effects, will be made
on or before Friday 7 February 2014. The private placement is
expected to be completed on or before Friday 4 April 2014.

Control Instruments

On 12 December 2013 Torre announced the acquisition of 34.26% of
Control Instruments Group Limited (“Control Instruments”). Torre
also indicated that it was considering acquiring additional
shares to further increase its interest in Control Instruments
(“Potential CI Acquisition”).

On 13 January 2014 Torre announced that the Potential CI
Acquisition was progressing successfully but remained subject to
the conclusion of a satisfactory due diligence review.

Shareholders are advised that an announcement containing further
information on the progress of the Potential CI Acquisition will
be released on or before Friday 7 February 2014.

Kanu
On 12 December 2013 Torre cautioned shareholders that it had
entered into discussions regarding the acquisition of a West
African equipment business (“Kanu Acquisition”).

On 13 January 2014 Torre announced that those discussions led to
the signing of a term sheet. Certain of the terms of the Kanu
Acquisition were detailed in that SENS announcement.

Shareholders are advised that a further announcement on the Kanu
Acquisition, containing the final transaction terms and pro
forma financial effects, will be released on or before Friday 28
February 2014. The Kanu Acquisition is expected to be completed
on or before Friday 28 February 2014.

Beech

On 13 January 2014 Torre announced that it had signed a term
sheet to acquire 100% of a Mauritian company, Beech Finance
Limited (“Beech Acquisition”). Certain of the terms of the Beech
Acquisition were detailed in that SENS announcement.

Shareholders are advised that a further announcement on the
Beech Acquisition, containing the final transaction terms and
pro forma financial effects, will be released on or before 28
February 2014. The Beech Acquisition is expected to be completed
on or before Friday 28 February 2014.

Power Parts

On 13 January 2014 Torre voluntarily announced that it had
concluded an agreement to acquire 51% of a Namibian spare parts
business, Power Parts Namibia CC (“Power Parts Acquisition”).
The Power Parts Acquisition remains conditional on the approval
of the Namibian Competition Commission, which approval is
expected imminently. Shareholders are advised that no further
announcements will be made with respect to the Power Parts
Acquisition unless this approval is not granted.

Cautionary

Shareholders are advised that Torre is in negotiations regarding
the acquisition of a business in the materials handling sector.
If the acquisition is successfully concluded, it may have a
material effect on the price of the Company’s securities.
Accordingly, shareholders are advised to exercise caution when
dealing in the Company’s securities until a further announcement
is made in this regard.


Johannesburg
28 January 2014

Corporate Adviser to Torre
AfrAsia Corporate Finance (Pty) Limited

Designated Adviser
PSG Capital Proprietary Limited

Date: 28/01/2014 05:13:00 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.

Share This Story