Basil Read Holdings Limited : 12-02-2013 – Circular and Notice of AGM

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")  

POSTING  OF  CIRCULAR  TO  SHAREHOLDERS  REGARDING  THE  DISPOSAL  BY  BASIL  READ  OF  100%  OF  TWP  HOLDINGS  (PTY)  LTD  TO  WORLEYPARSONS  RSA  (PTY)  LTD    

1. Introduction  

Basil  Read  shareholders  are  referred  to  the  announcements  released  on  the  Stock  Exchange  News  Service  ("SENS") on  Friday,  21  December  2012,  Wednesday,  5  December  2012    and  Tuesday,  23  October  2012,  respectively,  (collectively,  the  "Transaction Announcements")  regarding  the  agreement  dated  23  October  2012  entered  into  between  Basil  Read  and  WorleyParsons  RSA  (Pty)  Ltd  ("WorleyParsons SA"),  a  subsidiary  of  WorleyParsons  Ltd  ("WorleyParsons"),  whereby  WorleyParsons  SA  will  acquire  the  entire  issued  share  capital  held  by  Basil  Read  in  TWP  Holdings  (Pty)  Ltd  ("TWP"),  for  a  cash  consideration  of  ZAR900  million  ("Purchase Consideration"),  hereinafter  the  "Proposed Transaction".    Using  the  terms  defined  in  the  Transaction  Announcements,  Basil  Read  shareholders  are  advised  that  
as  certain  of  the  conditions  precedent  as  set  out  in  the  Transaction  Announcements  have  not  been  fulfilled  within  the  time  periods  provided  for  in  the  Sale  Agreement  and  the  reinstatement  first  and  second  addendum  agreements,  respectively,  Basil  Read,  TWP  and  WorleyParsons  SA  have  exchanged  extension  letters  dated  31  January  2013,  1  February  2013  and  5  February  2013,  respectively,  which  allow  additional  time  for  fulfillment  of  certain  of  
the  conditions  precedent  as  set  out  in  paragraph  2  below  (collectively,  the  "Extension

The  Proposed  Transaction  excludes,  amongst  others,  Basil  Read  Matomo  Projects  (Pty)  Ltd,  TWP  Matomo  Process  Plant  (Pty)  Ltd,  TWP  Investments  (Pty)  Ltd,  LYT  Architecture  (Pty)  Ltd  (previously  TPSP  Architects  (Pty)  Ltd),  TWSP  Pty  Ltd  (previously  TWP  Australia  (Pty)  Ltd)  and  Outsourced  Plant  Solutions  SA  (Pty)  Ltd,  together  the  "Excluded Companies".  The  Excluded  Companies  will  continue  to  operate  as  subsidiaries  of  Basil  Read,  on  a  standalone  basis  within  the  Group.  
2. Revised  dates  regarding  the  fulfillment  of  certain  of  the  conditions  precedent  relating  to  the  Proposed  Transaction  

The  Extension  Agreement  allows  additional  time  for  the  fulfillment  of  certain  of  the  
conditions  precedent  as  set  out  below:  
• the  Restructuring  being  completed  and  implemented  by  Basil  Read  by  20  February  2013;  
• WorleyParsons  SA  accepting  the  disclosure  schedule  as  set  out  in  Annexure  N  of  the  Sale  Agreement  by  20  February  2013;  
• the  Shareholders  of  Basil  Read  approving  the  Proposed  Transaction,  as  required  in  terms  
of  the  Listings  Requirements  of  the  JSE,  on  or  before  8  March  2013;  
• WorleyParsons  SA  and  Basil  Read  negotiating  in  good  faith  to  reach  agreement  on  the  
terms  of  the  Matomo  Service  Agreement  by  no  later  than  20  February  2013;    
• WorleyParsons  SA  providing  Basil  Read  with  a  written  parent  guarantee  for  the  Purchase  Consideration  in  a  form  acceptable  to  Basil  Read  by  no  later  than  20  February  2013;  and  
• Basil  Read  delivering  the  written  Guarantee  in  a  form  acceptable  to  WorleyParsons  SA,  
by  no  later  than  20  February  2013.  

Each  of  Basil  Read  and  WorleyParsons  SA  will  continue  to  use  its  reasonable  endeavours  to  
procure  the  fulfilment  of  the  above  conditions  precedent  on  or  before  the  dates  stipulated  

above.  

The  following  Conditions  Precedent  have  been  fulfilled,  or  waived  as  the  case  may  be,  post  entering  into  the  Extension  Agreement  but  prior  to  the  posting  of  the  circular  to  shareholders:  
• The  Matomo  Service  Agreement  has  been  concluded;    
• Basil  Read  delivered  the  written  Guarantee  in  a  form  acceptable  to  WorleyParsons  SA;  
and  
• WorleyParsons  SA  provided  Basil  Read  with  a  written  parent  guarantee  for  the  Purchase  Consideration.    
3. Posting  of  circular  and  notice  of  general  meeting  

A  circular  containing  full  details  of  the  Proposed  Transaction  and  incorporating  a  notice  of  
general  meeting  of  Basil  Read  shareholders  was  posted  to  shareholders  today.  

Shareholders  are  advised  that  the  general  meeting  will  be  held  at  the  registered  office  of  Basil  Read,  being  The  Basil  Read  Campus,  7  Romeo  Street,  Hughes  Extension,  Boksburg  1459,  at  10:00  South  African  Time  ("SAT")  on  Friday,  8  March  2013  for  the  purpose  of  considering  and,  if  deemed  fit,  passing  with  or  without  modification,  the  ordinary  resolutions  relating  to  the  Proposed  Transaction  ("General Meeting").  
4. Salient  dates  and  times  

The  important  salient  dates  and  times  relating  to  the  Proposed  Transaction  are  set  out  
below:  

1. The  above  dates  and  times  are  subject  to  amendment.  Any  such  amendment  will  be  released  
on  SENS  and  published  in  the  press.  All  times  referred  to  above  are  local  times  in  South  Africa  on  a  24  hour  basis.  
2. No  orders  to  dematerialise  or  rematerialise  securities  will  be  processed  from  the  business  
day  following  the  last  date  to  trade,  Monday,  25  February  2013  up  to  and  including  the  

record  date,  Friday,  1  March  2013  but  such  orders  will  again  be  processed  from  the  first  
business  day  after  the  record  date.  
3. The  certificated  register  will  be  closed  between  the  last  day  to  trade,  Friday,  22  February  
2013  and  the  record  date,  Friday,  1  March  2013.  
Johannesburg    
8  February  2013  

Office:  +27  11  418  6300    

Macquarie  First  South  Capital  (Pty)  Limited    

Werksmans  Attorneys    

College  Hill  (Pty)  Limited  

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