BSR - Basil Read Holdings Limited - Update on deferred payment referred to in

BSR - Basil Read Holdings Limited - Update on deferred payment referred to in   
TWP Holdings Limited ("TWP") scheme of arrangement circular dated               
26 October 2009 (voluntary 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" or "the Group")                                 
UPDATE ON DEFERRED PAYMENT REFERRED TO IN TWP HOLDINGS LIMITED ("TWP") SCHEME   
OF ARRANGEMENT CIRCULAR DATED 26 OCTOBER 2009 (VOLUNTARY ANNOUNCEMENT)          
Shareholders are referred to the TWP circular regarding a scheme of             
arrangement dated 26 October 2009 detailing the acquisition by Basil Read of    
TWP ("the circular"). Paragraph 9 of the circular details the purchase          
consideration payable by Basil Read to the shareholders of TWP, which           
consideration includes a payment on the operative date of the scheme of both    
cash and shares in Basil Read, as well as a deferred payment which is subject   
to TWP achieving at least 80% of a Target earnings before interest and tax      
("EBIT") for the year ending 31 December 2010 ("deferred payment"), which       
needs to be confirmed in writing by TWP`s auditors, PricewaterhouseCoopers Inc  
("PWC").                                                                        
PWC have confirmed in writing on 6 April 2011 that TWP failed to achieve at     
least 80% of the Target EBIT and therefore the deferred payment will not be     
paid out to TWP shareholders.                                                   
The PWC letter referred to above will be available for inspection at Basil      
Read`s offices at Basil Read Campus, 7 Romeo Street, Hughes Ext, Boksburg for   
a period of 28 days from publication of this announcement.                      
Boksburg                                                                        
11 April 2011                                                                   
Sponsor: Sasfin Capital                                                         
(a division of Sasfin Bank Limited)                                             
Date: 11/04/2011 16:22:08 Supplied by www.sharenet.co.za                     
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