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TRUWORTHS INTERNATIONAL LIMITED - Response to Sky News report on Office

Release Date: 02/07/2019 08:40
Code(s): TRU     PDF:  
Wrap Text
Response to Sky News report on Office

Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
ISIN: ZAE000028296
(“Truworths” or the “company” or the “Group”)


Truworths notes a media report by Sky News, a British news organisation, on Monday, 1 July 2019
wherein it was stated that, inter alia, the Group’s United Kingdom (“UK”) subsidiary, Office Holdings
Limited (“Office”), has appointed advisors to consider restructuring options. The Group would like to
respond to this media report as follows:

Office has circa £45 million of debt which is due to be repaid with a significant portion of the debt to
be settled through a lump sum payment at maturity in December 2020. In light of the depressed retail
trading environment currently being experienced in the UK, Office has entered into discussions with
the relevant lenders regarding potential debt restructuring options. To assist in this regard, Office and
the lenders have appointed Alvarez & Marsal Europe LLP and Deloitte LLP, respectively, as their
professional advisors.

Though it is expected that the UK and Office will continue to experience a difficult trading environment
in the medium term, the company’s management and the board of directors believe that the
discussions with the lenders and any resultant debt restructuring will not have a material impact on
the Group’s operations in South Africa and the rest of Africa.

2 July 2019
Cape Town

Sponsor in South Africa
One Capital

Sponsor in Namibia
Merchantec Capital

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