BUILDMAX LIMITED - Further announcement relating to SENS announcements released on 1 and 28 August 2014 and withdrawal of cautionary
BDM 201409160023A
Further announcement relating to SENS announcements released on 1 and 28 August 2014 and withdrawal of cautionary
Buildmax Limited
Incorporated in the Republic of South Africa
(Registration No. 1995/012209/06)
Share Code: BDM
ISIN Code: ZAE000167318
("Buildmax" or the “Company”)
FURTHER ANNOUNCEMENT RELATING TO SENS ANNOUNCEMENTS RELEASED ON 1 and 28 AUGUST 2014
AND WITHDRAWAL OF CAUTIONARY
Further to the announcements referred to above, shareholders are hereby advised of the following:
1. Sale of Business and Assets by Buildmax Aggregates and Quarries (Pty) Limited (“BAQ”)
All the conditions precedent in terms of the sale of business and assets agreement with Raubex
Group Limited and its wholly owned subsidiary Raumix Aggregates (Pty) Limited have been fulfilled
or waived and the proceeds of the transaction have been received by BAQ.
2. Interest in acquiring the entire issued share capital of Buildmax
Due to the current risks associated with the contract mining and civils sectors generally, the third
party who had expressed an interest in acquiring the entire issued share capital of Buildmax has
decided to withdraw prior to commencing with due diligence. Accordingly, shareholders are advised
that caution need no longer be exercised when dealing in the Company’s securities.
3. Restructuring and cost saving initiatives
Management confirm that these initiatives have been implemented and significant savings will be
realised. With an on-going commitment from the senior management team, a leaner operating
structure, relatively modern operating assets, an outstanding service track record and a solid
tangible net asset value (“TNAV”) underpin, the Company is well positioned to take advantage of
contracting prospects within the opencast mining sector in Africa.
Benoni
16 September 2014
Sponsor to Buildmax Legal advisers to Buildmax
Questco (Pty) Ltd Webber Wentzel
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