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Johannesburg - Construction and engineering group Basil Read and TWP Holdings on Tuesday requested a trading halt on the JSE pending a general meeting for the purposes of approving the acquisition by Basil Read of the entire issued share capital of TWP.
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.
Trading in these companies' shares is expected to resume following the release on SENS of the results of the aforementioned meetings.
- I-Net Bridge