Yorkcor And Safcol Resolve All Litigation And Arbi
YRK
YRK
Yorkcor And Safcol Resolve All Litigation And Arbitration Matters
PRESS RELEASE
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")
Yorkcor And Safcol Resolve All Litigation And Arbitration Matters
The York Timber Organisation Limited (Yorkcor) and the South African Forestry
Company Limited (Safcol) today announced that they have settled all litigation
and arbitration matters outstanding between the companies. In terms of the
settlement agreement Yorkcor agreed to pay Safcol an undisclosed amount.
Ivor Tucker, Chief Executive Officer of Yorkcor, commented: "Adequate provision
was made in our 2005 year-end balance sheet for the agreed payments, details of
which will be disclosed in Yorkcor"s interim results to 30 June 2006 that are
due to be released towards the end of August 2006."
Spokespersons for both companies expressed their satisfaction that all
litigation and arbitration proceedings have been finalised and look forward to
building a successful relationship in the future.
Ends
ISSUED FOR: YORK TIMBER ORGANISATION LIMITED
CONTACT : John Lehman: 012 804 9730
FAX NO : 012 804 8611
E-MAIL : john@yorkcor.co.za
WEBSITE : www.yorkcor.co.za
ISSUED BY : LETSEMA COMMUNICATIONS
CONTACT : Tish Stewart 011 325 4195 / 082 443 6399
FAX NO : 011 325 4199
E-MAIL : tish@letsemacom.co.za
DATE : 03 August 2006
Date: 04/08/2006 01:02:43 PM Produced by the JSE SENS Department
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