WILSON BAYLY HOLMES-OVCON LIMITED - Settlement agreement with the South African government

Settlement agreement with the South African government

WILSON BAYLY HOLMES - OVCON LIMITED
Building and civil engineering contractors
(Registration no. 1982/011014/06)
ISIN No: ZAE 000009932
Share code: WBO
(“WBHO” or “the Company”)


SETTLEMENT AGREEMENT WITH THE SOUTH AFRICAN GOVERNMENT

Shareholders are referred to the SENS announcement dated 11 October 2016 in which WBHO
advised that WBHO Construction (Pty) Ltd (WBHO) a subsidiary of Wilson Bayly Holmes –
Ovcon Limited had entered into a settlement agreement (the Settlement Agreement) with the
government of the Republic of South Africa (the Government).
WBHO has adopted the development initiative to mentor three emerging contractors in the
construction business as defined below in the previous SENS announcement:
               “The Construction Companies have also individually undertaken to either:
               (i)    launch development initiatives with the aim of identifying, developing
                      and mentoring up to three emerging contractors (Emerging
                      Contractors), to ensure that the Emerging Contractors will have the
                      necessary skills and quantity of work required to generate a cumulative
                      combined annual turnover equal to at least 25% of the annual South
                      African civil engineering and general building construction works
                      turnover of the relevant Construction Company within 7 years. Aligned
                      to this obligation, are fixed interim period transformation targets .”


Further to the abovementioned settlement agreement with the South African Government
which was signed on the 11th of October 2016, WBHO has concluded agreements with Fikile
Construction (Pty) Ltd, Motheo Construction (Pty) Ltd and Edwin Construction (Pty) Ltd
who now become our Development contractors whose turnover should in 7 years represent
more than 25% of WBHO’s South African turnover in Civil & Building and Roads &
Earthworks .


Johannesburg
29 November 2016


Sponsor: Investec Bank Limited

Date: 29/11/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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