To view the PDF file, sign up for a MySharenet subscription.

YORK TIMBER HOLDINGS LIMITED - Disposal by York of an outlier plantation

Release Date: 02/04/2019 12:35
Code(s): YRK     PDF:  
 
Wrap Text
Disposal by York of an outlier plantation

York Timber Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
ISIN: ZAE000133450
Share code: YRK
(“York” or the “Company”)

DISPOSAL BY YORK OF AN OUTLIER PLANTATION

York shareholders are advised that, on 29 March 2019 (“Signature Date”), the Company entered into
a sale agreement with Sappi Southern Africa Limited (the “Purchaser”), in terms of which the
Company agreed to dispose of the business of commercial forestry, as a going concern (the
“Business”), comprising the following assets (but excluding any liabilities of the Business):

-   Farms Claredon, S’Gravengage, Granville Grove and the remaining extent and portion 1 of Farm
    Auber Villiers (“Immovable Property”),

for a cash consideration of R54 000 000.000 (fifty-four million rand), excluding value added tax (the
“Purchase Consideration”), (the “Disposal”). The Disposal is not subject to any conditions
precedent.

The Immovable Property is an outlier plantation for York and due to the distance from its processing
operations, has been converted recently to Eucalyptus trees. The sale of the Immovable Property will
not impact the sustainable raw material supply to York’s processing plants.

The Purchase Consideration will be paid to the Company once the Immovable Property has been
transferred into the name of the Purchaser, which is expected to take place within 90 (ninety)
calendar days of the Signature Date. The Purchase Consideration is expected to provide the
Company with additional capital to fund purchases of land adjacent to its current plantation areas.

The net asset value of the Business concerned was R39.2 million in York’s financial statements as at
31 December 2018 and the loss attributable to the net assets, after tax, of the Business was
R0.8 million, for the six months period ended 31 December 2018, as sourced from the unaudited
interim results for the six months ended 31 December 2018 which were prepared in terms of the
International Financial Reporting Standards.

The Disposal is classified as a Category 2 transaction in terms of paragraph 9.5(a) of the JSE Limited
Listings Requirements.

Sabie, Mpumalanga
2 April 2019

Sponsor
One Capital

Date: 02/04/2019 12:35:00 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.

Email this JSE Sens Item to a Friend.

Share This Story