MUR - Murray & Roberts Holdings Limited - Restructuring of the Murray & Roberts
MUR
MUR
MUR - Murray & Roberts Holdings Limited - Restructuring of the Murray & Roberts
Steel Group
MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
("Murray & Roberts" or "Group")
RESTRUCTURING OF THE MURRAY & ROBERTS STEEL GROUP
The Group issued a Business Update and Voluntary Trading Statement at its annual
general meeting on 27 October 2010, wherein it was noted that: "A program of
closure and/or disposal of underperforming assets has been initiated for
implementation within the financial year, subject to regulatory process".
Shareholders are informed that some divisions within the Group`s steel business,
most notably its electric arc furnace melt shop and reinforcing steel rolling
mill situated in the Western Cape, trading as CISCO, will be rationalised as a
result of adverse ongoing market conditions. The preconditions to the regulatory
process for business restructuring have been completed. Affected parties have
been formally notified today that the Group intends to dispose of CISCO as a
priority, failing which certain operations will be closed or rationalised.
The expected financial impact of this restructuring process was included in the
prospects statement communicated to the market on 27 October 2010.
The Group sincerely regrets the need to exercise this difficult option and the
impact it is likely to have on affected employees. All reasonable options to
mitigate the impact of this decision will be considered during the restructuring
process.
Bedfordview
9 November 2010
Sponsor
Deutsche Securities (SA) (Pty) Ltd
Date: 09/11/2010 12:30:01 Produced by the JSE SENS Department.
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