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Trading Statement
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
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.
Further to the trading statement released on SENS on 31 May 2017,
shareholders are advised that Basil Read is expecting a headline loss per
share for the six months ended 30 June 2017 of between 290.00 cents per
share and 300.00 cents per share compared to the headline earnings of 48.92
cents per share for the previously reported corresponding period.
Shareholders are further advised that Basil Read is expecting a basic loss
per share for the six months ended 30 June 2017 of between 359.00 cents per
share and 365.00 cents per share compared to the basic earnings of 29.75
cents per share for the previously reported corresponding period.
This follows continued weak market conditions for the industry, operational
underperformance in our Roads and Buildings Divisions, along with continued
difficulties in claims resolution on a legacy project.
As stated previously, 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.
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.
Boksburg
21 August 2017
Company Secretary
Andiswa T Ndoni
JSE Sponsor
Grindrod Bank Limited
Date: 21/08/2017 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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