Basil Read - Introduction Of A BEE Shareholder & Further Cautionary 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`)
INTRODUCTION OF A BLACK ECONOMIC EMPOWERMENT SHAREHOLDER
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 8 September 2005, shareholders are
advised that an agreement dated 22 September 2005 has been concluded between
Bouygues Travaux Publics (`Bouygues`), Basil Read`s controlling shareholder, and
Amabubesi Investments (Pty) Limited and Metallon Ventures (Pty) Limited
(collectively, `the BEE consortium`) in terms of which the BEE consortium will
acquire, subject to the fulfilment of certain conditions precedent, 28 607 762
Basil Read shares from Bouygues, representing a 51.9% interest in the company
(`the acquisition`). The price at which the acquisition was concluded was based
on the average closing price on the JSE Limited of a Basil Read share for the 30
day period ending 12 May 2005, being the date agreement in principle was reached
between the parties, plus interest at 12% per annum calculated from 2 September
2005 to the date of payment.
In terms of the Securities Regulation Code on Take-overs and Mergers, the
acquisition, if successful, will give rise to the obligation for the BEE
consortium to make a mandatory offer to all Basil Read shareholders to acquire
their shares on terms no less favourable than those applicable to the
acquisition. In this event, an announcement will be published giving full
details of the terms and conditions of the mandatory offer.
Until a further announcement is made, shareholders are advised to continue to
exercise caution when dealing in the company`s shares.
Johannesburg
23 September 2005
Sponsor: Bridge Capital Services (Pty) Limited
Date: 23/09/2005 05:55:03 PM
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