The York Timber Organisation Limited - 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 company")
Cautionary Announcement
Shareholders are referred to Yorkcor"s announcement dated 24 October 2002
regarding the Government"s termination of York Timbers Limited"s ("York"s")
`evergreen" supply contract for sawlogs to the company"s York Lumber sawmill
near Bushbuckridge. The Government has given 5 years" notice of termination and,
as a result, the contract now expires on 31 December 2006.
The contract provides for the payment of compensation for the termination. The
amount of compensation is to be determined on the basis of the value of the
business on a going concern basis, enjoying the benefits of this contract
without interruption. The intention is to place York in at least the same
financial position as if the contract had not been terminated.
The arbitration hearing to determine the quantum of compensation payable by the
Government in respect of the termination which commenced in March 2003 ended on
Friday, 19 March 2004. The arbitrator is expected to hand down his award in
about a fortnight"s time.
Shareholders are advised to exercise caution in dealing in their shares until a
further announcement is made.
PRETORIA
24 March 2004
SPONSOR
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 24/03/2004 11:39:16 AM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
