BSR - Basil Read - Acquisition of the businesses o
BSR
BSR
BSR - Basil Read - Acquisition of the businesses of Blasting & Excavating
Pty) Limited
BASIL READ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1984/007758/06
Share Code: BSR & ISIN: ZAE000029781
("Basil Read" or "the company")
ACQUISITION OF THE BUSINESSES OF BLASTING & EXCAVATING (PTY) LIMITED
1. Introduction
Shareholders are referred to the announcement published on SENS 22 March 2007
wherein it was announced that the company, through its wholly owned
subsidiary, Basil Read Mining (Proprietary) Limited, has reached agreement
with Blasting & Excavating (Proprietary) Limited ("the vendor") to acquire all
the shares in and claims on loan account against all the subsidiaries of the
vendor for a consideration of R100 million (collectively, "the acquisition").
2. Satisfaction of conditions
The acquisition was subject to conditions that are considered normal for a
transaction of this nature, of which the following were outstanding:
* the completion of a formal financial and legal due diligence
investigation of the vendor`s subsidiaries; and
* the conclusion of all contractual agreements relating to the
acquisition; and
* the requisite regulatory compliance and approval to the extent
necessary.
The board is pleased to announce that all conditions precedent has been met
and therefore the transaction has now been concluded. The brand name Blasting
& Excavating will be retained and the business of Blasting & Excavating
(Proprietary) Limited will continue as usual.
Mr. Frans van Wyk, the current Managing Director of Blasting & Excavating
(Proprietary) Limited, has been appointed as Managing Director of the newly
formed group Basil Read Mining (Proprietary) Limited. Mr. Eugene du Toit will
remain as Chairman of this new group.
Johannesburg
19 July 2007
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 19/07/2007 15:54:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
