Wilson Bayly Holmes-Ovcon (“WBHO” or “the Company”) refers to its announcement released on the Stock Exchange News Service (“SENS”) on 3 June 2020 in relation to an unsolicited indicative, non-binding and conditional proposal from a major international construction and civil services company to acquire WBHO’s 88 per cent interest in Probuild (“Proposed Transaction”).
Following a period of discussion, WBHO confirms that the Proposed Transaction is well progressed. Whilst in principle agreement has been reached on the majority of key terms and negotiations are materially advanced, the Proposed Transaction remains subject to finalization and execution of binding transaction documentation and key conditions including counterparty, regulatory and shareholder approvals. Probuild management in Australia have been intimately involved in the Proposed Transaction and are committed to the successful completion of the steps to finalise the Proposed Transaction.
Accordingly, shareholders are advised to exercise caution when dealing in WBHO shares until a further announcement is made.
By order of the board
Johannesburg
28 October 2020
Sponsor: Investec Bank Limited