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Update on accident at Estcourt Mill
Masonite (Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration number 1942/015502/06)
Share Code: MAS ISIN: ZAE000004289
(“Masonite”)
Update on accident at Estcourt Mill
Masonite, a publicly traded company on the Johannesburg Stock Exchange, hereby
updates Shareholders on the SENS announcement released on 9 June 2014 relating
to the explosion at the Estcourt Mill.
The explosion on June 6, 2014 in the mill’s power plant reduced the site’s ability to
generate steam and heat the kilns which, in turn, required the production lines to
cease operations for several weeks. Currently, the mill is running at approximately
half of Masonite’s desired output. Additional capacity is scheduled to come online
during August 2014 which management believes will restore production to about
75% of pre-incident levels with the balance expected to be restored by the fourth
quarter of 2014.
The 2014 earnings impact, before any potential insurance recovery, is estimated to
be between R65 million and R75 million (before tax) with the vast majority of the
impact expected to fall within the third quarter of 2014. Shareholders are advised
that Masonite is insured against property loss and business interruption.
“Ensuring that all of the impacted employees and their families received excellent
care was our first priority,” said Hilton Loring, CEO of Masonite. “With our
employees now properly cared for we are working closely with regulatory authorities
to fast track reparation work in order to restore shipments to all of our valued
customers.”
The information in this update has not been reviewed or reported on by Masonite’s
auditors and has been released on a voluntary basis.
Durban
06 August 2014
Sponsor
Nedbank Capital
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