27.10.2017
Dawn hereby advises shareholders that, as necessitated by the JSE Listings
Requirements and further to the related announcement of 2 August 2017, the Group has
received formal condonation from ABSA Bank Limited ("Absa") regarding a breach at the
September 2017 measurement date of one of the financial covenants contained in the
Group's banking facilities.
The condonation obtained from Absa is conditional upon a cession of R100 million of the
Grohe Dawn Watertech (GDW) disposal proceeds ("GDW Proceeds") in favour of Absa
and forms part of the R200 million debt repayment envisaged from the GDW Proceeds to
make the Group debt free.
The circular relating to the GDW transaction announced on 14 September 2017 is
expected to be distributed to shareholders in due course and subject to the required
approvals, funds are expected to flow late in December 2017.
In addition, R30 million has been received on the disposal of the Group's 51% shareholding
in Swan Plastics, as announced on 5 and 20 October 2017 respectively. This cash will
re-invested in Dawn for future growth and working capital purposes.
27 October 2017
Johannesburg: