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Trading update: discontinuation of operations and cautionary announcement
Delta EMD Limited
Incorporated in the Republic of South Africa
Registration number 1919/006020/06
Share code: DTA ISIN: ZAE000132817
(“Delta” or “the Company”)
TRADING UPDATE: DISCONTINUATION OF OPERATIONS AND CAUTIONARY
ANNOUNCEMENT
DISCONTINUATION OF OPERATIONS
The Company has during the last financial year conducted a
detailed strategic review of the Company’s business and following
those conclusions, and with the most recent reduction in supply
arrangements to a North American customer, as announced on 24th
January 2014 on the JSE Limited’s Stock Exchange News Service
(“SENS”), the board has taken the decision, subject to approval by
the Company’s shareholders, to discontinue operations in a phased
and orderly manner during 2014 and to realise value for the
Company's assets during 2014 and 2015.
Shareholders will receive a memorandum setting out in detail the
rationale for the board’s decision. The memorandum will be
distributed to shareholders during April 2014 together with the
Notice of the Company's Annual General Meeting which is scheduled
to be held during May 2014. The shareholders' vote to approve the
board's decision will be proposed at the Annual General Meeting.
The board also has taken a decision to limit production at its
Nelspruit operation, and expects to have one of the Company’s two
EMD production lines idled by the end of March 2014.
A further trading update will be released on SENS as soon as the
Company has reasonable certainty with regard to expected sales
volumes and profitability for the six months ending 27 June 2014.
CAUTIONARY ANNOUNCEMENT
Shareholders are advised to exercise caution when dealing in the
Company’s securities, until such time as the results of the
Company’s Annual General Meeting are released.
Nelspruit
5th March 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/03/2014 09:36:00 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
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