MASONITE (AFRICA) LIMITED - Update regarding the potential disposal of Masonite as part of the business rescue proceedings

Update regarding the potential disposal of Masonite as part of the business rescue proceedings

MASONITE (AFRICA) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1942/015502/06)
Share code: MAS ISIN: ZAE000004289
(“Masonite” or “the Company”)
(Under supervision)

UPDATE REGARDING THE POTENTIAL DISPOSAL OF MASONITE AS PART OF THE BUSINESS
RESCUE PROCEEDINGS

Introduction

Further to the report to shareholders by the business rescue practitioner (“BRP”) that was released on
SENS on 22 March 2016 (“BRP Update”), this announcement provides an update to Masonite’s various
stakeholders of the current status of the proposed disposal process (“Disposal Process”) being run as
part of the business rescue proceedings.

Update on the Disposal Process

Following phase I and phase II of the Disposal Process as described in the BRP Update, a number of
attractive binding offers have been received. Careful consideration has been given to all of the binding
offers as part of a rigorous adjudication process, and Masonite hereby announces that a preferred
bidder has been selected.

Numerous factors were considered in selecting the preferred bidder including, inter alia, the value
offered, certainty of funding, the conditionality and likely timing of implementation, as well as the fact
that the preferred bidder consists of a consortium who is bidding for the entire business including both
the forestry division and the mill division. Masonite and the BRP believe that the preferred bidder’s
proposal presents the most attractive proposal for all of Masonite’s stakeholders and is expected to
result in the continued operation of both divisions.

Detailed announcement

A detailed transaction announcement containing the salient terms of the transaction will be published
on SENS once transaction agreements have been concluded.

Durban

29 April 2016

Sponsor
Nedbank Corporate and Investment Banking

Investment Bank
Investec Bank Limited

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