| Tue 20 Jan 2009, 13:30 | | WTL - William Tell - Change To The Board Of Directors And Business And |
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WTL
WTL
WTL - William Tell - Change To The Board Of Directors And Business And
Trading Update
William Tell Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 2004/030045/06)
Share code: WTL ISIN: ZAE000098133
("William Tell" or "the company")
CHANGE TO THE BOARD OF DIRECTORS AND BUSINESS AND TRADING UPDATE
Change to Board of Directors
The Board of William Tell is pleased to announce the appointment of Ralph
Patmore as Chairman of the Board, effective 1 February 2009.
Ralph brings a valuable 10 years of building materials distribution experience
from his former position as CEO of Iliad and a wealth of industrial
manufacturing experience from his time as director of Everite and later as
director of Group Five, prior to his appointment as CEO of Iliad in 1998.
Brief CV RALPH BRUCE PATMORE
Qualifications: B Com (University Witwatersrand)
MBL (School of Business Leadership - Unisa)
SEP (Stanford University)
Accredited Associate Institute for Independent Business
(London)
Major Executive positions from 1983:
- Managing Director Exchange Engineering - Unihold Group
- Managing Director M&B Pumps - Malbak Group
- Main Board Director Everite Ltd which was acquired by Group Five Ltd
- Main Board Director Group Five Ltd - Responsible for Manufacturing
Businesses
- CEO Iliad Africa Ltd - As CEO was part of the group of individuals that
founded the building materials supply company and then listed the Group in
1998. After 11 years at the helm retired at the end of 2009
We would like to take the opportunity to thank Annamarie van der Merwe for her
valuable contribution in formalising the corporate governance procedures of
William Tell as non-executive director and as chairman over the past 18 months.
Annamarie is stepping down as chairman and as non-executive director on 31
January 2009 to concentrate her efforts on her corporate governance and
secretarial company, Ithemba Governance and Statutory Solutions (Pty) Ltd.
We believe we now have a well formed, industry experienced and highly capable
Board that is suited to steer and grow the business through these tough economic
times towards attaining our strategy and vision of an integrated, respected and
world class business focused within the broader Wood Based Panels industry.
Chamdor chipboard plant
We are pleased to announce the startup on 31 January 2009 of William Tell`s
second particleboard plant at Chamdor, Krugersdorp. The new plant quadruples
production capacity and establishes William Tell as now owning 10% of the total
particleboard production capacity in South Africa. William Tell commenced
particleboard production at its first plant in Johannesburg on 15 January 2007.
The increased capacity ensures self sufficiency in Willam Tell`s own
requirements and provides capacity to grow existing and introduce new product
ranges to existing , additional, and niche speciality markets.
Capacity / demand of wood based panels
William Tell estimates production over-capacity of chipboard at current
suppressed demand levels to be 17% and predicts the capacity demand equilibrium
to be reached in 2011 to 2012.
ELB Ultrabord plant
William Tell will delay the commencement of refurbishing the thin board line
until an economically more appropriate time to meet future market requirements.
Trading update
With reference to our trading statement released on SENS on 25 September 2008
when we indicated that William Tell`s earnings per share ("eps") and headline
earnings per share ("heps") for the six months to 31 December 2008, were
expected to be in the range of 1.7 cents per share ("cps") to 3.5 cps, we
currently anticipate actual eps and heps to be marginally higher than 2.6 cps.
We anticipate that the results for the second half of the 2009 financial year
(6 months to June 2009) will be similar, with the result that eps and heps for
the full financial year ending 30 June 2009 could be between 70% and 80% lower
than for the comparable period for the previous financial year.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
Johannesburg
20 January 2009
Designated Adviser
PSG Capital (Pty) Ltd
Date: 20/01/2009 13:30:01 Produced by the JSE SENS Department.
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