BSR - Basil Read Holdings Limited - Update on deferred payment referred to in
BSR
BSR
BSR - Basil Read Holdings Limited - Update on deferred payment referred to in
TWP Holdings Limited ("TWP") scheme of arrangement circular dated
26 October 2009 (voluntary announcement)
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" or "the Group")
UPDATE ON DEFERRED PAYMENT REFERRED TO IN TWP HOLDINGS LIMITED ("TWP") SCHEME
OF ARRANGEMENT CIRCULAR DATED 26 OCTOBER 2009 (VOLUNTARY ANNOUNCEMENT)
Shareholders are referred to the TWP circular regarding a scheme of
arrangement dated 26 October 2009 detailing the acquisition by Basil Read of
TWP ("the circular"). Paragraph 9 of the circular details the purchase
consideration payable by Basil Read to the shareholders of TWP, which
consideration includes a payment on the operative date of the scheme of both
cash and shares in Basil Read, as well as a deferred payment which is subject
to TWP achieving at least 80% of a Target earnings before interest and tax
("EBIT") for the year ending 31 December 2010 ("deferred payment"), which
needs to be confirmed in writing by TWP`s auditors, PricewaterhouseCoopers Inc
("PWC").
PWC have confirmed in writing on 6 April 2011 that TWP failed to achieve at
least 80% of the Target EBIT and therefore the deferred payment will not be
paid out to TWP shareholders.
The PWC letter referred to above will be available for inspection at Basil
Read`s offices at Basil Read Campus, 7 Romeo Street, Hughes Ext, Boksburg for
a period of 28 days from publication of this announcement.
Boksburg
11 April 2011
Sponsor: Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 11/04/2011 16:22:08 Produced by the JSE SENS Department.
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