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ELB GROUP LIMITED - Further information in respect of the terms announcement regarding the disposal of B&W by ELB Engineering

Release Date: 15/05/2019 14:20
Code(s): ELR     PDF:  
 
Wrap Text
Further information in respect of the terms announcement regarding the disposal of B&W by ELB Engineering

ELB GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1930/002553/06)
ISIN: ZAE000035101
JSE Code: ELR
(“ELB” or “the Company”)

FURTHER INFORMATION IN RESPECT OF THE TERMS ANNOUNCEMENT REGARDING THE
DISPOSAL OF B&W INSTRUMENTATION AND ELECTRICAL BY ELB ENGINEERING

Shareholders are referred to the announcement released by the Company on SENS on 26 April 2019
(“Announcement”), in which they were advised, inter alia, that ELB’s subsidiary, ELB Engineering
Proprietary Limited (“Engineering”) entered into an agreement with Matatrim Proprietary Limited
(registration number 2018/474293/07) (“Matatrim”), in respect of which the parties agreed terms of the
disposal by Engineering of the entire issued share capital (“B&W Shares”) of its wholly-owned
subsidiary, B&W Instrumentation and Electrical Proprietary Limited (“B&W”) to Matatrim (“the
Transaction”).

Further thereto, the Board wishes to expand on its rationale for the Transaction entered into with
Matatrim, being an entity wholly-owned by the executive management team of B&W. The Transaction
helps to address cash flow constraints experienced by ELB Engineering Services Proprietary Limited
due to the Gamsberg Zinc project.

Shareholders are further advised that the loss after tax of R152 million which was disclosed in the
Announcement, attributable to the B&W group was for the nine months ended 31 March 2019, being
the latest period end prior to conclusion of the Transaction.

Similarly, the negative net asset value of R39 million attributable to the B&W group was as at 31 March
2019.

This financial information has been sourced from unaudited, unpublished management accounts and
the Board is satisfied with the quality of such management accounts. The financial information has been
prepared in accordance with International Financial Reporting Standards.


Rivonia
15 May 2019

Sponsor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited




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