Wilson Bayly Holmes – Ovcon Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1982/011014/06)
Share code: WBO ISIN: ZAE000009932
(“WBHO” or “the Company” or “the Group”)
Shareholders are advised that WBHO entered into a settlement agreement with the Competition Commission relevant to its fast track settlement investigation into historical anti-competitive practices in the construction industry on Sunday 23 June 2013.
WBHO has agreed to pay an administrative penalty of R 311 million in three equal instalments over a period of 2 years. WBHO had provided R 220 million for administrative penalties in the Financial Year ended 30 June 2012. An amount of R 91 million will be accounted for in the financial results for the financial year 30 June 2013.
Five alleged prohibited practices that WBHO believes are not contraventions of the Competition Act have not been settled as part of the fast track settlement process.
If confirmed by the Competition Tribunal, this represents a full and final settlement of the agreed prohibited practices per the settlement agreement.
One prohibited practice which was excluded from the fast track settlement invitation, is still to be settled with the Competition Commission.
By order of the board
24 June 2013
Investec Bank Limited
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