TORRE INDUSTRIES LIMITED - Settlement of set point minorities adjustment obligation

Settlement of set point minorities adjustment obligation

TORRE INDUSTRIES LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR     ISIN: ZAE000188629
(“Torre” or “the Group”)

SETTLEMENT OF SET POINT MINORITIES ADJUSTMENT OBLIGATION

Shareholders are advised that Torre has obtained approval from
the JSE to issue and list a total of 456 149 Torre ordinary
shares (“Top-up shares”)to the previous Set Point minority
shareholders as set out in the Adjustment Notice contained in
the combined circular to Set Point shareholders dated 13 April
2015 (“Combined Circular”).

In addition the Set Point minority shareholders will receive a
cash amount of 7,5 cents per Top-up share which is equal to
the amount of dividends declared by Torre between the initial
scheme consideration and the issue of the Top-up shares.

The four previous majority Set Point shareholders are excluded
from the upward adjustment obligation in terms of their
agreement with Torre to waive these rights to facilitate an
immediate integration of Set Point with Torre.

It is anticipated that the Top-up shares will be issued and
the cash consideration paid on or about 30 June 2016.

Set Point minority shareholders that are still in possession
of their Set Point Documents of Title are requested to
urgently make contact with the Torre Company Secretary at
info@torreindustries.com to complete the surrender process as
set out in the Combined Circular.

Johannesburg
24 June 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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