Further announcement in respect of the Offer and Delisting of Torre
Torre Industries Limited Main Street 1641 Proprietary Limited
(Incorporated in the Republic of South (Incorporated in the Republic of South Africa)
Africa) (Registration number 2018/420756/07)
(Registration number 2012/144604/06) (“Consortium” or “Offeror”)
Share Code: TOR
(“Torre” or “the Company”)
FURTHER ANNOUNCEMENT IN RESPECT OF THE OFFER AND DELISTING OF TORRE
Torre shareholders are referred to the announcements released on SENS on 21 December 2018,
12 February 2019 and 8 April 2019. Using the terms defined in the Circular dated 21 December
2018, containing details of the Offer and Delisting of the Company, Torre shareholders are advised
that only the Cash Payment of R1.05 per share will be payable to Shareholders and the Incentive
Scheme Payment will be payable to employees of Torre who are participants of the Incentive
Scheme, respectively, on the Scheme Operative Date, being Tuesday, 23 April 2019.
The deferred Top-up Payment, amounting to a maximum R0.10 per Torre Share, is only payable
subject to the achievement of certain performance targets for the year ending 30 June 2019 and
if achieved, will become payable not later than 15 August 2019.
Shareholders are referred to paragraph 4 of the Circular should they require further detail in
respect of the relevant triggers and mechanisms of the payment of the Scheme Consideration.
11 April 2019
Legal Adviser to Ethos Mid-Market Fund
Corporate Finance Advisor to the Consortium
Apex Partners Proprietary Limited
Torre Transaction Sponsor
Questco Proprietary Limited
BDO Corporate Finance Proprietary Limited
Date: 11/04/2019 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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