APPLICATION
Cash-strapped Basil Read asks JSE to suspend its shares
Basil Read Holdings had applied to the JSE for the voluntary suspension of the listing of its shares after a key unit started business rescue proceedings, the construction company said on Wednesday. The cash-strapped company announced on Friday that Basil Read Ltd, a wholly owned subsidiary that houses its construction unit, had started business rescue proceedings after it failed to secure bridge funding from lenders. Its shares have plunged more than 90% from a high of 22c to close at 1c on Friday. A trading halt was declared on Monday. Basil Read has appointed Siviwe Dongwana of Adamentem Chartered Accountants and John Lightfoot of Matuson and Associates as business rescue practitioners. "There is uncertainty in terms of the impact of the voluntary business rescue proceedings instituted at Basil Read Limited, on the Basil Read Holdings Limited Group as listed on the JSE," it said. It added the suspension would be until such time as the effect on the listed group could be quantifie...
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