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Ratio applicable to the scrip distribution
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”)
RATIO APPLICABLE TO THE SCRIP DISTRIBUTION
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 on 3 March 2016 and
in the press on 4 March 2016 in which they were advised of the
Company’s declaration of 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 (“the Record Date”).
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, instead of the Scrip Distribution (“the Cash
Dividend”).
A circular setting out the terms of the Scrip Distribution and
Cash Dividend alternative, including a Form of Election, was
posted to shareholders on 23 March 2016.
The number of Scrip Distribution shares to which each Shareholder
will become entitled pursuant to the Scrip Distribution (to the
extent that such Shareholder has 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 295
cents, representing 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%. The
ratio of Scrip Distribution shares to which each Shareholder will
become entitled pursuant to the Scrip Distribution (to the extent
that such Shareholder has not elected to receive the Cash
Dividend) is therefore 1.30508 Scrip Distribution shares for every
100 ordinary shares held on the Record Date.
Where the application of this ratio gives rise to a fraction of an
ordinary share, such fraction will be rounded up to the nearest
whole number, if the fraction is 0.5 or more, and rounded down to
the nearest whole number, if the fraction is less than 0.5.
Example of Scrip Distribution entitlement:
This example assumes that a Shareholder holds 100 ordinary shares
at the close of business on the Record Date and does not elect to
receive the Cash Dividend in respect of all or part of their
shareholding.
New ordinary share entitlement =
100 x 3.5 cents x 1.10
_______________________
295 cents
= 1.30508 new shares
(then apply the Rounding Provision described above)
= 1 Scrip Distribution share in respect of the 100 ordinary shares
held.
Johannesburg
31 March 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 31/03/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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