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Masonite - delisting announcement
Shareholders are advised that Masonite made application to the JSE (“JSE”) to delist the company (“the Delisting”), which application has subsequently been approved by the JSE on 7 April 2017.
The purpose of this announcement is to advise shareholders of the details and rationale of the delisting.
Rationale for the delisting
- On 22 December 2015, the board of directors of Masonite (“the Board”) resolved to commence with voluntary business rescue proceedings and simultaneously requested the suspension of Masonite shares on the JSE, which suspension was granted by the JSE (“the Suspension”).
- Subsequent to the Suspension, the board adopted a business rescue plan (“the Business Rescue Plan”) which was approved by creditors and shareholders at a meeting of creditors and shareholders on 19 May 2016.
- The Business Rescue Plan was effected in terms of section 150 and 151 of the Companies Act (No 71 of 2008, as amended) and resulted, inter alia, in the implementation of a share repurchase transaction involving the repurchase of all the Masonite ordinary shares from the existing shareholders of Masonite (“the Share Repurchase”).
- Following the implementation of the Business Rescue Plan, Masonite confirms that the Company is held by Timber Investments One (Pty) Ltd. In turn, the shares of Timber Investments One (Pty) Ltd are held by two private equity companies namely Jacobs Capital and Blackbird Capital, holding 49% and 51% of Masonite respectively. Other than these two shareholders, there are no individual shareholders in Masonite.
- Since the implementation of the Business Rescue Plan, Masonite no longer has any operations and its only assets are properties which were previously housed in the mill division of Masonite.
- As a result of the implementation of the Business Rescue Plan, including the Share Repurchase, Masonite no longer complies with the applicable provisions of paragraph 4.28 relating to shareholder spread as well as the ongoing requirements as set out in the JSE Listings Requirements.
- Accordingly, the application for the Delisting was made and will be implemented on the dates and times set out in paragraph 3 below.
Salient dates and times
The salient dates and times relating to the delisting are as follows:
- Last day to trade for the delisting - Tuesday, 16 May 2017
- Record date for the delisting - Friday, 19 May 2017
- Removal of Masonite listing from the JSE - Monday, 22 May 2017
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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