Capital Equipment News

With R300-million in new cash in its coffers, construction and mining firm, Basil Read is on track to effect a solid turnaround, according to CEO Khathutshelo Mapasa.

Successful rights offer puts Basil Read on the path

Basil Read successfully concluded a rights offer on 23 February 2018. The full R300-million required for repayment of the bridge loan and working capital was raised. The sale had opened on 12 February.

Mapasa is confident the steps planned to effect a turnaround – for which the rights offer was key – will work. The shares, offered at a discounted price of 22 cents a share, was supported by the company’s major shareholders, says Mapasa.

Shareholders led by Allan Gray, PSG Asset Management, Prudential Investment Managers, Sishen Iron Ore Community (SIOC) Trust  and the Industrial Development Corporation (IDC) undertook to follow their rights.

Mapasa acknowledged that the path to a turnaround is not a short or easy journey. “With the new cash injection, Basil Read is on a firm path towards recovery. We are cognisant of, and grateful for, the shareholders’ faith in us. There is hard work ahead, but we are ready.”

Contact Capital Equipment News

Title: Editor
Name: Munesu Shoko
Email: capnews@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

Title: Advertising Manager
Name: Elmarie Stonell
Email: elmaries@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

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