The York Timber Organisation Limited - Withdrawal of Cautionary Announcement
The York Timber Organisation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code YRK ISIN ZAE000008108
("Yorkcor" or "the group")
Withdrawal of Cautionary Announcement
Shareholders are referred to Yorkcor`s further cautionary announcement dated 10
September 2002 regarding the termination on 31 December 2006 of the `evergreen`
contract for sawlog supply to the group`s York Lumber sawmill near
Bushbuckridge.
The government has accepted liability to pay compensation for the termination of
York Lumber`s business on the basis of a going concern enjoying the benefits of
the contract without interruption. The quantum of compensation is to be
determined by arbitration. The intention is to place York Lumber in at least the
same financial position as if the contract had not been terminated. The group
will, subject to its rights, continue to operate its York Lumber business at
least until 31 December 2006.
Compensation is payable by the government by 30 June 2004.
An agreement has been concluded with the government for the referral to a
retired High Court judge as arbitrator, with a timetable for the exchange of
pleadings. The arbitrator has accepted his appointment. The arbitration is to be
heard in April 2003.
In the absence of any special developments in connection with the compensation,
it is not intended to publish further announcements until the quantum has been
determined by arbitration or otherwise.
The previous cautionary announcements are accordingly withdrawn.
PRETORIA
24 October 2002
SPONSOR
SASFIN BANK LIMITED
(Registration number 1951/002280/06)
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