BASIL READ HOLDINGS LIMITED - Annual financial statements, integrated report, notice of annual general meeting and change statement

Annual financial statements, integrated report, notice of annual general meeting and change statement

Basil Read Holdings Limited
Incorporated in the Republic of South Africa
Registration Number 1984/007758/06
Share Code: BSR ISIN: ZAE 000029781
(“Basil Read”) or “the company”)


ANNUAL FINANCIAL STATEMENTS, INTEGRATED REPORT, NOTICE OF
ANNUAL GENERAL MEETING AND CHANGE STATEMENT


Annual Financial Statements and Integrated Report
Further to Basil Read’s reviewed results for the year ended
31 December 2016, published on 10 March 2017, the integrated
report for the year ended 31 December 2016, incorporating the
notice of annual general meeting and summarised consolidated
financial statements for the year ended 31 December 2016,
(“the integrated report”), as well as the full consolidated
financial statements for the year ended 31 December 2016 was
made available on the company’s website hosted at
www.basilread.co.za, as well as for inspection at the
company’s registered office, on 1 April 2017. The integrated
report will be distributed to shareholders on or about 13
April 2017.


The annual financial statements and the condensed
consolidated financial results in the integrated report
contains corrections between certain line items in the
audited statement of changes in cash flows, compared to the
aforementioned published reviewed results for the year ended
31 December 2016, as set out below:
                            Audited        Reviewed
                          31-Mar-17      10-Mar-17       Variance
                              R’000          R’000         R’000
Net cash from
operating
activities                   30,255         (9,596)       39,851 *
Net cash from
investing
activities                  (22,061)       (23,193)         1,132 **
Net cash from
financing
activities                    4,331      45,314     (40,983) ***
* The change in net cash from operating activities is due to:
     1. The add back of R40.8 million non-cash flow item relating
       to the liability raised for the Voluntary Rebuild
       Programme that the company entered into in 2016
       financial period. This was previously included as a cash
       flow movement in financing activities
     2. A profit of R0.8 million made on the disposal of
       property, plant and equipment was incorrectly adjusted
       in the cash flow statement workings between investing
       and operating activities, resulting in a decrease in
       cash from operating activities of R1.1 million
     3.Interest accrued and not paid of R0.2 million deducted
       as a non-cash flow item

**    The difference of R1.1 million relates to the net
adjustment made to correct the error explained in * (2) above.

*** The change in net cash from financing activities arose
due to the changes in * and ** above.

These adjustments resulted in an improved net cash from
operating activity and a decrease in the net cash from
financing activities with net cash from investing activities
slightly reduced.


These adjustments resulted in an improved net cash from
operating activity and a decrease in the net cash from
financing activities with net cash from investing activities
slightly reduced. It did not affect the cash and cash
equivalents at the end of the reporting period.

Annual general meeting
Notice is hereby given that the annual general meeting of
Basil Read shareholders will be held at 10h00 on Friday, 2
June 2017 at the Basil Read Campus, 7 Romeo Street, Hughes
Extension, Boksburg to transact the business as set out in
the Notice of Annual General Meeting forming part of the
integrated report.


The record date for determining which shareholders of the
company are entitled to participate in and vote at the annual
general meeting is Friday, 26 May 2017. Accordingly, the last
day to trade in Basil Read shares to be recorded in the
register to be entitled to vote will be Tuesday, 23 May 2017.


Shareholders are advised to contact the company directly for
a copy of the integrated report if they have elected to
receive a hardcopy of the integrated report in the post, but
have not received their copy by 2 June 2017.

Boksburg
3 April 2017


Company secretary
Andiswa T Ndoni


JSE Sponsor
Grindrod Bank Limited

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