Basil Read: Board Shake-Up & Rescue Progress

  • Leadership Changes: Paul Baloyi resigns as director, Khathutshelo Mapasa steps down as CEO, and Esther Mohube appointed as acting CEO.
  • Business Rescue Update: Basil Read's Business Rescue process extends beyond three months, with monthly updates available online.
  • Shareholder Communication: The company promises to provide a market update when the next report is available.
South African Liquidations Plunge

In a recent development, Basil Read Holdings Limited, a prominent South African company, has made significant changes to its board of directors and provided an update on its ongoing Business Rescue Plan.

Changes to the Board of Directors

Mr. Paul Baloyi, an independent non-executive director of Basil Read, has officially resigned from his position on the board of directors, effective from September 1, 2023. This move comes in compliance with section 3.59 of the Listing Requirements of JSE Limited, reflecting the company’s commitment to transparency and corporate governance.

Additionally, Mr. Khathutshelo “K2” Mapasa, who served as the CEO and Executive Director, has submitted his resignation and will be exploring new professional opportunities starting from September 30, 2023. K2 has played an integral role in the company for the past nine years, and Basil Read acknowledges and appreciates his dedication and contributions during this period. The company wishes him success in his future endeavours.

To fill the crucial role left by Mr. Mapasa’s departure, Basil Read is delighted to announce the appointment of Esther Mohube as the group’s acting CEO and Director. Esther has been part of the Basil Read family since January 2018, serving as the Executive Officer, Human Capital. Notably, she also holds directorship positions in the company’s Mining and Development subsidiaries.

Esther Mohube brings a wealth of experience to her new role, boasting a Bachelor’s degree in Industrial Psychology from the University of the North. She has further enhanced her skills with a Postgraduate Diploma in Management and a Leadership Development Certificate from Wits Business School. Her impressive track record includes over 25 years of experience in Human Resources, with a decade spent in executive positions.

Here’s a summary of the changes to Basil Read’s board of directors:

NamePrevious RoleEffective Date
Paul BaloyiIndependent Non-Executive DirectorSeptember 1, 2023
Khathutshelo MapasaCEO and Executive DirectorSeptember 30, 2023
Esther MohubeActing CEO and DirectorEffective Date TBD

Business Rescue Plan

Basil Read Holdings Limited initiated its Business Rescue proceedings, and in accordance with the Companies Act 71 of 2008, monthly update reports are published by the joint Business Rescue Practitioners (BRPs). These reports are crucial for shareholders and stakeholders to monitor the progress and developments in the Business Rescue process.

As of the latest update, it is noted that the Business Rescue proceedings have not concluded within the expected three-month timeframe. Consequently, the BRPs have been publishing monthly updates, which can be accessed on the following website: www.matusonsassociates.co.za/basilread/.

However, it’s important to highlight that no further update reports have been released beyond the 29th update. Shareholders and interested parties are advised to stay tuned for the next update report, as the company commits to providing a market update as soon as it becomes available.

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