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TASTE HOLDINGS LIMITED - Voluntary Liquidation Of Taste Food Franchising Proprietary Limited, Taste Commissary Proprietary Limited And Taste

Release Date: 16/03/2020 08:00
Code(s): TAS     PDF:  
 
Wrap Text
Voluntary Liquidation Of Taste Food Franchising Proprietary Limited, Taste Commissary Proprietary Limited And Taste

TASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/002239/06)
Share code: TAS
ISIN: ZAE000081162
LEI:
(“Taste” or “the Company”)


VOLUNTARY LIQUIDATION OF TASTE FOOD FRANCHISING PROPRIETARY LIMITED, TASTE
COMMISSARY PROPRIETARY LIMITED AND TASTE FOOD TRADING 1 PROPRIETARY
LIMITED

Shareholders are hereby advised that the board of directors and shareholder of Taste Food Franchising
Proprietary Limited (“TFF”), Taste Commissary Proprietary Limited (“TC”) and Taste Food Trading 1
Proprietary Limited (“TFT’) are in the process of placing TFF, TC and TFT into voluntary liquidation.

TFF and TC are wholly-owned subsidiaries of the Company and TFF owns and licenses the Domino’s
business in South Africa. TFT is a wholly-owned subsidiary of TFF.

In line with Taste’s revised strategy the board engaged with several suitors in order to dispose of the
Domino’s business. Domino’s Pizza LLC (“DP”) provided financial support and assistance during this
period. Unfortunately, a deal could not be concluded on terms acceptable to all parties and further
financial support was not provided by DP. As a result, it was decided to place the respective entities
into voluntary liquidation.

As result of the above liquidations the Company will have to fully impair the remaining intercompany
loans with TFF and TC to the value of approximately R 450 million. The above liquidations are not
expected to impact the remaining business of the Company, however shareholders will be kept
appraised in this regard.

The Luxury Division is not impacted by these liquidations and will continue with its strategy as a focused
luxury retail business consisting of NWJ, Arthur Kaplan and World’s Finest Watches. The banking
facilities of the Luxury Division are unaffected by these developments.


Johannesburg
16 March 2020

Sponsor
PSG Capital




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Date: 16-03-2020 08:00:00
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