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New Strategic Direction
TASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/002239/06)
Share code: TAS
ISIN: ZAE000081162
(“Taste” or “the Company”)
NEW STRATEGIC DIRECTION
In Taste’s circular to shareholders dated 4 February 2019, the Company indicated that “[i]t is the long-
term objective of management for Starbucks and Domino’s to reach EBITDA break-even across both
brands within a 36 to 40 month period after the commencement of the expansion plan and to attain
positive free cash flows, after CAPEX, across both brands within 7 – 8 years from the commencement
of the plan. Management estimates that the Company will require at least R700 million, including the
amount raised in the current Rights Offer, to reach positive free cash flow, and that the Starbucks
network will need to expand to between 150 and 200 cafés and Domino’s to between 220 and 280
restaurants.” After careful consideration, following months of operational reviews and canvassing
potential partners and capital providers on this long-term objective, it has become evident that the
capital investment required for this expansion strategy cannot be secured, given the current structure
of the business and existing market conditions.
Taste’s board of directors has therefore revisited the previous strategy and has decided that it is in
the best interests of the Company and all stakeholders to exit the food business. As a consequence,
the board is considering the sale of all the Taste food brands, being Starbucks, Domino’s Pizza, Maxi’s
and The Fish & Chips Co. The outcome of this strategy would be for Taste to become a focused
luxury retail group consisting of NWJ, Arthur Kaplan and World’s Finest Watches.
Shareholders are referred to the separate SENS announcement to be released immediately following
this announcement, advising that Taste, via a wholly-owned subsidiary, has entered into an
agreement to dispose of Starbucks.
Shareholders are further advised that the Company is in discussions with various parties regarding
the sale of all the remaining food assets and further announcements will be made in this regard as
and when required.
Johannesburg
1 November 2019
Corporate Advisor and Sponsor
PSG Capital
Date: 01/11/2019 07:55:00
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