YRK
YRK
YRK - York - Re-Alignment Of York Operations
York Timber Holdings Limited
(Previously "The York Timber Organisation Limited")
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code: YRK & ISIN: ZAE000133450
("York" or "the Company")
RE-ALIGNMENT OF YORK OPERATIONS
1. Background
York shareholders are referred to the commentary accompanying the interim
results published on SENS on 4 March 2009 in which they were informed that York
has experienced deteriorating trading conditions from the end of 2008, that
management expected such trading conditions to continue throughout 2009 and that
remedial actions were being contemplated.
2. Remedial actions
The Board of Directors of York appointed Piet van Zyl as its new Chief Executive
Officer with the specific mandate to revise the overall strategic direction of
York, taking the current economic environment into consideration. After a
detailed assessment, the rationalisation of processing operations is
contemplated and the remedial action being considered includes the possible
closing of three of its eight processing plants: two permanent closures and the
mothballing of the third.
Further actions entail curtailing costs, optimising the utilisation of the
Company`s own plantation stock on its 90,000 hectare landholding and aligning
York`s overhead cost structures with the current market environment. This will
bring about the possible restructuring of all divisions within the Company.
3. The way forward
York has commenced a comprehensive consultation process with all stakeholders so
as to effectively implement the new strategic direction. It is intended that the
contemplated restructuring will be completed as soon as possible within the
coming months.
9 June 2009
Sabie
Sponsor: Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 09/06/2009 07:05:06 Produced by the JSE SENS Department.
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