DISTRIB. AND WAREHOUSING NETWORK LD - Announcement: breach and condonation of breach: bank covenant as at the June 2017 measurement date
DAW 201708020022A
Announcement: breach and condonation of breach: bank covenant as at the June 2017 measurement date
Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
(“Dawn” or “the Group”)
ANNOUNCEMENT: BREACH AND CONDONATION OF BREACH: BANK COVENANT AS AT THE JUNE
2017 MEASUREMENT DATE
Dawn shareholders are hereby advised in compliance with the general obligation of disclosure in terms
of JSE Listings Requirements that, as at the June 2017 measurement date, Dawn breached one of the
financial covenants contained in the term sheet governing the group’s banking facilities with ABSA
Bank Limited. This is as a result of the group lagging behind its budgeted profitability. Dawn further
advises that, based on engagements by the Group to date, ABSA has formally condoned the breach.
The Group continues to work closely with its bank to maintain adequate funding facilities whilst the
turnaround plan is being executed.
2 August 2017
Johannesburg
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
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