Yorkcor Declares Special Dividend, Appoints Black Director
The York Timber Organisation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code YRK ISIN ZAE000008108
(`Yorkcor`)
At a board meeting on 23 February, the directors of York Timber Organisation
Limited (Yorkcor) declared a special dividend of 125 cents per share and an
ordinary dividend of 25 cents per share. The company did not pay a dividend in
2003.
This follows a trading update issued by the group on 10 February, in which it
was stated that the group financial results for the year to 31 December 2004
were expected to show a marked improvement over the previous year. An increase
of between 520% and 610% was expected in headline earnings per share, with
earning per share expected to show an improvement of between 55% and 65%.
Accordingly, the dividends were declared in the light of the group`s healthy
financial position and continuing strong operational cash flows.
The board also announced the appointment of Nthato Motlana as a non-executive
director of the company. Motlana is a past national chairman of the South
African Lumber Millers` Association and a current Councillor of the Institute of
Directors n Southern Africa. He previously served on the board of Yorkcor and
left to take up significant opportunities in the timber industry.
Yorkcor chairman Solly Tucker confirms that the outlook for the company is
positive, indicating that the company has a cash chest of some R50 million and
is actively seeking acquisitions with secure log supplies and BEE connections.
About Yorkcor
Yorkcor is a forest products enterprise listed on the JSE Securities Exchange
SA. It is one of the most experienced and efficient sawmilling companies in
South Africa, adding value to wood through creative applications and strategic
focus on niche markets at home and abroad. The company also successfully markets
timber products locally and overseas. Yorkcor timber is manufactured strictly
from plantations which are renewable resources.
Yorkcor employs over 1 000 people and turnover in 2003 was R117 million.
Incorporated in 1916 as Katzenellenbogen Limited, the company`s shares have been
listed on the JSE since 1946.
Ends
ISSUED FOR: YORK TIMBER ORGANISATION LIMITED
CONTACT: Solly Tucker, Chairman: 012 804 9730 / 083 456 9900
FAX NO: 012 804 8611
E-MAIL: solly@yorkcor.co.za
WEBSITE: www.yorkcor.co.za
ISSUED BY: TISH STEWART PR ASSOCIATES
CONTACT: Tish Stewart 011 325 4195 / 082 443 6399
FAX NO: 011 325 4199
E-MAIL: tish@tspr.co.za
DATE: 28 February 2005
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