A management consortium of individuals has made a R42-million play for TWP Matomo Process Plant subsidiary LYT Architecture.
The parties entered a sale of shares and claims agreement, after the architectural and design services firm was determined to be noncore and was earmarked for disposal following TWP parent company Basil Read’s critical evaluation of the various businesses and assets in the group as part of an 18-month turnaround strategy.
Basil Read would place the net proceeds on call before applying it to capital management initiatives.
The management consortium comprised MD Guy Steenekamp; architectural directors Clive Jeary; Patrick Levick; Jeethen Paramaser; Owen Kutumela; Robert Thane; Warren Stanley; Patrick Nayler; business development director Abimbola Pariola; and associates Rishan Polton; Russell Katz and Gray Todd.
The sale claims excluded a $104 478 claim by Basil Read Mauritius against LYT Form and Space, a Nigerian incorporated entity, in which LYT Architecture has a 39.99% interest and control over the operations and board of directors.
The effective date of the deal was February 1 and the signature date of the sale agreement was February 11.