Wrap Text
Posting of circular relating to scrip distribution or cash dividend election
Torre Industries Limited
Incorporated in the Republic of South Africa
(Registration number 2012/144604/06)
Share code: TOR
ISIN: ZAE000188629
(“Torre” or the “the Company”)
POSTING OF CIRCULAR RELATING TO SCRIP DISTRIBUTION OR CASH
DIVIDEND ELECTION
Shareholders are referred to the Company’s unaudited interim
financial results for the six months ended 31 December 2015,
published on the Stock Exchange News Service (“SENS”) on Thursday,
3 March 2016, in which they were advised that Torre’s board of
directors had resolved to declare an interim distribution of
fully-paid Torre ordinary shares of no par value (“the Scrip
Distribution”) to ordinary Shareholders (“Shareholders”) recorded
in the register of the Company at the close of business on the
Record Date, being Friday, 15 April 2016.
Shareholders will, however, be entitled to elect to receive a cash
dividend of 3.5 cents per ordinary share of no par value held on
the Record Date in respect of all or part of their ordinary
shareholding, instead of the Scrip Distribution (“the Cash
Dividend”).
The number of Scrip Distribution shares to which Shareholders will
become entitled pursuant to the Scrip Distribution (to the extent
that such Shareholders have not elected to receive the Cash
Dividend) will be determined by reference to such Shareholder’s
ordinary shareholding in Torre (at the close of business on the
Record Date) in relation to the ratio that 3.5 cents bears to the
volume weighted average price of an ordinary Torre share traded on
the JSE during the 30-day trading period ending on Wednesday, 30
March 2016, discounted by 10%.
Shareholders are advised that a circular, setting out, inter alia,
the terms of the Scrip Distribution and Cash Dividend (and
including a Form of Election) will, where applicable, be posted to
shareholders today, Wednesday, 23 March 2016 (“the Circular”). The
Circular will also be available on the Company’s website,
www.torreindustries.com.
The salient dates for the proposed Scrip Distribution and Cash
Dividend alternative, also contained in the Circular, are as
follows:
EVENT 2016
Finalisation announcement released on SENS in respect Thursday, 31 March
of the ratio applicable to the Scrip Distribution,
based on a 10% discount to the 30-day volume weighted
average price ending on Wednesday, 30 March 2016, by
11h00
Announcement published in the press of the ratio Friday, 1 April
applicable to the Scrip Distribution, based on a 10%
discount to the 30-day volume weighted average price
ending on Wednesday, 30 March 2016 on
Last day to trade in order to be eligible for the Scrip Friday, 8 April
Distribution and the Cash Dividend alternative
Ordinary shares trade “ex” the Scrip Distribution and Monday, 11 April
the Cash Dividend alternative on
Listing and trading of maximum possible number of Monday, 11 April
ordinary shares on the JSE in terms of the Scrip
Distribution from the commencement of business on
Last day to elect to receive the Cash Dividend Friday, 15 April
alternative instead of the Scrip Distribution, Forms of
Election to reach the Transfer Secretaries by 12h00
noon on
Record Date in respect of the Scrip Distribution and Friday, 15 April
the Cash Dividend alternative
Scrip Distribution shares issued and Scrip Distribution Monday, 18 April
certificates posted and Cash Dividend payments made,
CSDP/ broker accounts credited/updated, as applicable,
on
Announcement relating to the results of the Scrip Monday, 18 April
Distribution and the Cash Dividend alternative released
on SENS on
Announcement relating to the results of the Scrip Tuesday, 19 April
Distribution and the Cash Dividend alternative
published in the press on
All times provided are South African local times. The above dates
and times are subject to change. Any material change will be
announced on SENS.
Share certificates may not be dematerialised or rematerialised
between Monday, 11 April 2016 and Friday, 15 April 2016, both days
inclusive.
Johannesburg
23 March 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/03/2016 09:30:00 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.
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