MTA - Metair Investments Limited - Announcement to shareholders
MTA
MTA
MTA - Metair Investments Limited - Announcement to shareholders
METAIR INVESTMENTS LIMITED
Reg No. 1948/031013/06
(Incorporated in the Republic of South Africa)
Share code : MTA
ISIN code : ZAE 000090692
("Metair" or "the Group")
ANNOUNCEMENT TO SHAREHOLDERS
Metair wishes to inform shareholders that it had a fire at its First National
Battery`s ("FNB") Benoni plant on Saturday 30 April 2011.
Metair is grateful that there were no injuries or fatalities as a consequence of
the fire.
The fire damaged one warehouse of 6 000 square meters that housed some of FNB`s
battery formation (charging) capacity and unformed battery stock. Damage to
fixed property, stock, plant and machinery is estimated at between R80 million
and R100 million. FNB is currently formulating this part of the insurance
claim. FNB has backup contingency plans in place and expects to be at close to
90% of pre-fire formation (charging) capacity by early June 2011. FNB carries
insurance for loss of profits and is working with the insurance assessors to
formulate the claim.
None of FNB`s lead smelting and refinery capacity, which is housed on the same
property, was damaged. Production and formation facilities at FNB`s East London
facility are fully operational and are in the process of executing the backup
contingency plan.
At the time of the announcement of Metair`s full year result for 2010
shareholders were advised that we would only know what effect the earthquake and
tsunami in Japan would have on the production volume in South Africa by the end
of May 2011. The Group has no further information to report in this regard at
this time.
5 May 2011
Johannesburg
Sponsor
One Capital
Date: 05/05/2011 08:00:01 Produced by the JSE SENS Department.
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