Basil Read lifts trading halt
2009-11-18 · Property Market Reports
Construction and engineering group Basil Read on Tuesday moved to lift its trading halt on the JSE following a general meeting for the purposes of approving the acquisition of the entire issued share capital of TWP Holdings.
Basil Read advised the requisite majority of TWP shareholders duly approved that scheme.
The acquisition and all matters related thereto were approved by the requisite majority of Basil Read shareholders at the group's AGM held earlier on Tuesday morning.
The special resolution passed for the increase of Basil Read's authorised share capital is to be lodged with the Companies and Intellectual Property Registration Office for registration.
Basil Read will pay and TWP shareholders will receive the scheme payment, namely a total of 37.317 507 new Basil Read shares and R143.6m in cash, in the ratio of 31.16 new Basil Read shares and R119.96 for every 100 TWP shares.
The agreement provides for a deferred payment in the amount of R59.8m to be paid by Basil Read to TWP shareholders in the event that a target Ebit is attained.
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