BASIL READ HOLDINGS LIMITED - Trading statement and changes to the board

Trading statement and changes to the board

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")

TRADING STATEMENT AND CHANGES TO THE BOARD

Trading Statement
In terms of the Listings Requirements of JSE Limited, companies are required
to publish a trading statement as soon as they become reasonably certain that
the financial results for the period to be reported on will differ by at least
20% from that of the previous corresponding period.

Shareholders are advised that a loss per share and headline loss per share
for the six months ended 30 June 2017 is expected (a decrease of more than
100%), compared to the earnings per share of 29.75 cents and headline earnings
per share of 48.92 cents reflected in the previously reported corresponding
period.

This follows continued weak market conditions for the industry, operational
underperformance in our Roads Division, along with continued difficulties in
claims resolution on a legacy project.

The Board of Directors has resolved to review the business with a view to
undertaking significant restructuring of the group to preserve shareholder
value, and has engaged the services of a Corporate Finance Advisory firm to
assist the group in this process.

Once more certainty is obtained; Basil Read will provide further guidance as
required by paragraph 3.4(b) of the Listings Requirements.

The financial information on which this trading statement is based has not
been reviewed or reported on by Basil Read’s external auditors.

The results for the six months ended 30 June 2017 are expected to be released
on or about 25 August 2017.

Resignation of CEO and appointment of acting CEO
The board of Basil Read announces that the CEO and Executive Director, Neville
Nicolau has decided to leave the group for personal reasons with effect from
31 May 2017. We thank Neville for his contribution to the group over the last
3 years and wish him well in his future endeavours.

Basil Read is pleased to announce the appointment of Khathutshelo (K2) Mapasa,
as group acting CEO. K2 is a group executive committee (“Exco”) member and
the executive officer for Mining.

He holds a BSc chemical engineering from UCT, programme management development
from Harvard University, and management of mining and mineral policy from
Wits. He has over 15 years’ experience in mining, including senior roles
within the De Beers group. He joined Basil Read in 2014 as head of mining
The board is completing its succession planning exercise, which was initiated
early this year and anticipates making a permanent appointment in the near
future.

The board of directors welcomes K2 to his new role.


Boksburg
31 May 2017

Company Secretary
Andiswa T Ndoni

JSE Sponsor
Grindrod Bank Limited

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