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DEL
DEL
DEL - Delta - Declaration of a special dividend and shareholder update
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")
DECLARATION OF A SPECIAL DIVIDEND AND SHAREHOLDER UPDATE
Shareholders are advised that the US Department of Commerce and US International
Trade Commission have finally determined not to impose retrospective duties on
EMD imported to the US from Australia, and that since the successful conclusion
of that matter the Group has repatriated the cash funds formerly held in
Australia for the possible payment of those duties. As those cash funds are now
surplus to the Group`s requirements, the board has declared a special dividend
of 100 cents per share.
The salient dates for the payment of the special dividend will be as follows:
Last date to trade to qualify
for the dividend Friday 7 November 2008
Shares to commence trading ex-
dividend on the JSE Limited Monday 10 November 2008
Record date Friday 14 November 2008
Payment date Monday 17 November 2008
The dividend is declared in the currency of the Republic of South Africa. Share
certificates may not be dematerialised or rematerialised between Monday, 10
November and Friday, 14 November 2008, both days inclusive.
Following payment of the special dividend, the Group`s net cash balance will
exceed R200 million and will be retained for purposes of future working capital
requirements, the rehabilitation of the Group`s Kooragang Island residue
disposal facility in Australia and the resolution of a tax query relating to the
Group`s sale of its Industrial Services businesses during 2005.
The board anticipates payment of further special dividends when the cost of
rehabilitating the Kooragang Island residue disposal facility is determined,
when the 2005 tax query is resolved and when value is realised through the sale
of the Group`s Australian EMD production and Kooragang Island residue disposal
facilities.
The Group`s Delta EMD business continues to trade profitably and to generate
cash and should allow the Group to resume payment of regular dividends following
the Group`s year end results.
Johannesburg
24 October 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 24/10/2008 07:05:11 Produced by the JSE SENS Department.
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