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TWP to sell LYT Architecture for R42m

27th February 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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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 will place the net proceeds on call before applying them to capital management initiatives.

The management consortium comprises MD Guy Steenekamp; architectural directors Clive Jeary, Patrick Levick, Jeethen Paramaser, Owen Kutumela, Robert Thane, Warren Stanley and Patrick Nayler; business development director Abimbola Pariola ;and associates Rishan Polton, Russell Katz and Gray Todd.

The sale claims exclude a $104 478 claim by Basil Read Mauritius against LYT Form & Space, a Nigerian entity in which LYT Architecture has a 39.99% interest and control over the operations and board of directors.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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