WILSON BAYLY HOLMES-OVCON LIMITED - Settlement agreement with the South African government
WBO 201611290029A
Settlement agreement with the South African government
WILSON BAYLY HOLMES - OVCON LIMITED
Building and civil engineering contractors
(Registration no. 1982/011014/06)
ISIN No: ZAE 000009932
Share code: WBO
(“WBHO” or “the Company”)
SETTLEMENT AGREEMENT WITH THE SOUTH AFRICAN GOVERNMENT
Shareholders are referred to the SENS announcement dated 11 October 2016 in which WBHO
advised that WBHO Construction (Pty) Ltd (WBHO) a subsidiary of Wilson Bayly Holmes –
Ovcon Limited had entered into a settlement agreement (the Settlement Agreement) with the
government of the Republic of South Africa (the Government).
WBHO has adopted the development initiative to mentor three emerging contractors in the
construction business as defined below in the previous SENS announcement:
“The Construction Companies have also individually undertaken to either:
(i) launch development initiatives with the aim of identifying, developing
and mentoring up to three emerging contractors (Emerging
Contractors), to ensure that the Emerging Contractors will have the
necessary skills and quantity of work required to generate a cumulative
combined annual turnover equal to at least 25% of the annual South
African civil engineering and general building construction works
turnover of the relevant Construction Company within 7 years. Aligned
to this obligation, are fixed interim period transformation targets .”
Further to the abovementioned settlement agreement with the South African Government
which was signed on the 11th of October 2016, WBHO has concluded agreements with Fikile
Construction (Pty) Ltd, Motheo Construction (Pty) Ltd and Edwin Construction (Pty) Ltd
who now become our Development contractors whose turnover should in 7 years represent
more than 25% of WBHO’s South African turnover in Civil & Building and Roads &
Earthworks .
Johannesburg
29 November 2016
Sponsor: Investec Bank Limited
Date: 29/11/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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