| Wed 26 Mar 2008, 15:30 | | DEL - Delta Electrical Industries Limited - Subsequent events |
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DEL
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DEL - Delta Electrical Industries Limited - Subsequent events
Delta Electrical Industries Limited
Incorporated in the Republic of South Africa
(Registration number 1919/006020/06)
Share code: DEL & ISIN: ZAE000002036
("Delta" or "the company" or "the Group")
SUBSEQUENT EVENTS
Shareholders are referred to the No Change Statement, Subsequent Events and
Notice of Annual General Meeting notice published on SENS on 17 March 2008 ("the
announcement"). The announcement advised shareholders that in late February 2008
the U.S. petitioner in the U.S. antidumping investigation made a further
submission to the U.S. Department of Commerce (DOC) alleging critical
circumstances, seeking the retroactive imposition of a duty on all shipments of
Australian EMD into the U.S. since late December 2007.
In late March 2008, the DOC issued a preliminary antidumping determination,
which imposed a security requirement of 120.6 percent on all entries of
Australian EMD into the U.S. since late December 2007. Before antidumping
duties could actually be imposed on those shipments, the DOC would have to issue
a final affirmative dumping determination and an affirmative critical
circumstances determination. The DOC final determination is scheduled for June
2008, but may be extended until August 2008. In addition, the U.S.
International Trade Commission ("ITC") would have to separately find that
imports of Australian EMD are a cause of material injury, or threaten material
injury, to the U.S. industry. In order for duties to be imposed on entries into
the U.S. made before the date of publication of the DOC preliminary
determination, the ITC would also have to find that those entries are likely to
undermine seriously the remedial effect of the antidumping duty order. The ITC
determination is scheduled for July 2008, but may be extended until September
2008. Delta has retained U.S. counsel to assist in challenging the Department of
Commerce`s preliminary determination.
Shareholders are accordingly advised that the Delta board has taken the decision
to defer the proposed pro rata repurchase of shares communicated to shareholders
on 25 February 2008 in the audited groups results announcement for the year
ended 27 December 2007, until the full extent of the above preliminary anti
dumping determination finding is better understood, as a fuller understanding of
the likely outcome would assist shareholders` in their decision to participate
in the pro rata repurchase of shares.
26 March 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/03/2008 15:30:00 Produced by the JSE SENS Department.
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