TORRE INDUSTRIES LIMITED - Voluntary announcement in respect of the receivable due relating to the Kanu disposal

Voluntary announcement in respect of the receivable due relating to the Kanu disposal

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

VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE RECEIVABLE DUE
RELATING TO THE KANU DISPOSAL

Shareholders are referred to the SENS announcement released on
15 June 2017 relating to the disposal by Torre, through its
wholly owned subsidiary, Torre International Holdings Limited,
of its 55% shareholding in Kanu Equipment Limited (“Kanu”)
(“the transaction”).

The disposal consideration for the transaction was settled by
means of an initial cash and share consideration received at
the time of the disposal and loan to Kanu for the balance of
the proceeds. The loan receivable bore interest at 7.5% per
annum and was repayable by 30 June 2018, with an option to
extend to 31 December 2018.

As reported in the Group’s unaudited condensed consolidated
interim results for the six months ended 31 December 2017
(“interim results”), released on SENS on 27 February 2018, the
Group finalised commercial warranty claims to the value of
R7 million in anticipation of the full and final settlement of
the loan receivable.

Torre is pleased to advise shareholders that the loan
receivable was settled by Kanu on 15 March 2018 following the
receipt of USD12.3 million representing full and final
settlement.

The board is considering the best way to utilize the proceeds
to optimize value for shareholders.

Johannesburg
15 March 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/03/2018 01:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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