York Timber Holdings Limited: Increase In The Term Loan Facility and Update Regarding The Acquisitions of Additional Farms Including Standing Timber

Shareholders of York (“Shareholders”) are referred to the announcements published on SENS on:
  • Wednesday, 5 June 2024 and Wednesday, 21 August 2024, wherein Shareholders were advised that the Company, through its wholly owned subsidiary, York Timbers Proprietary Limited (the “Purchaser”), had entered into sale agreements with Stevens Lumber Mills Proprietary Limited (the “Seller”) to acquire several properties, including, inter alia, the standing timber thereon (“Acquisitions”), from the Seller. The Acquisitions were subject to, inter alia, the Purchaser obtaining financing for a portion of the purchase consideration (“Funding Condition”); and
  • Friday, 12 April 2024, wherein it was advised that the Company had entered into a term facility agreement with, inter alias, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V., in respect of a new R350 million long-term loan facility (“Term Facility”).
Shareholders are hereby advised that the Funding Condition has been fulfilled through a successfully concluded agreement to increase the Term Facility by R75 million (“Additional Funding”), under the same material terms and conditions as the original Term Facility. The Additional Funding will be used to settle the remaining purchase consideration under the Acquisitions.
Accordingly, all of the suspensive conditions about the Acquisitions have now been fulfilled and the Acquisitions have become wholly unconditional. The registration and transfer of the properties to the Purchaser will commence following payment by the Purchaser to the Seller of the remaining portion of the purchase consideration.
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York Timber Holdings Limited
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