| Fri 8 Apr 2011, 16:19 | | WTL - William Tell Holdings Limited - Receipt of third payment in respect of DTI |
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WTL
WTL
WTL - William Tell Holdings Limited - Receipt of third 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 THIRD 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 first payment in the amount of R7.5
million in respect of the second R15 million tranche of the DTI grant. 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 two payments of R9 million and R6 million, respectively, in
respect of the first tranche, as announced on 19 November 2010 and 22 March
2011, respectively.
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
8 April 2011
Designated Advisor: PSG Capital (Proprietary) Limited
Date: 08/04/2011 16:19:01 Produced by the JSE SENS Department.
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