WTL - William Tell Holdings Limited - Receipt of second payment in respect of
WTL
WTL
WTL - William Tell Holdings Limited - Receipt of second payment in respect of
DTI grant
WILLIAM TELL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 2004/030045/06)
JSE Code: WTL ISIN: ZAE000098133
("William Tell" or "the Company")
RECEIPT OF SECOND PAYMENT IN RESPECT OF DTI GRANT
Further to the announcement released on SENS on 1 December 2009 ("the
announcement") detailing the Company`s successful application for a grant in
terms of the provisions of the EIP: Manufacturing Investment Programme
("MIP") administered by the Department of Trade and Industry, in respect of
its new production facility at Chamdor, Krugersdorp ("the DTI grant"), the
Company is pleased to advise that it has received the second payment in the
amount of R6 million in respect of the first R15 million tranche of the DTI
grant ("the first tranche"). This amount is non-taxable, non-repayable and
will be amortised to income over the useful life of the plant, being 35 years
in accordance with IFRS. This payment follows the first payment of R9
million in respect of the first tranche, as announced on 19 November 2010.
As stated in the announcement, the DTI grant is for a total amount of R30
million payable in two tranches (one payment each in respect of the 2010 and
2011 financial year end) of R15 million each, within 90 days of finalisation
of the audited financial statements of the Company for the financial years
ending on 30 June 2010 and 30 June 2011, respectively, subject to the
conditions detailed in the announcement. The Company is confident that these
conditions will be met.
Johannesburg
23 March 2011
Designated Advisor: PSG Capital (Proprietary) Limited
Date: 23/03/2011 07:05:02 Produced by the JSE SENS Department.
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