BCX/TKG - Business Connexion Group / Telkom SA Lim
BCX/TKG - Business Connexion Group / Telkom SA Limited - Update on Telkom`s
proposed acquisition of the entire issued share capital of BCX
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX & ISIN: ZAE000054631
("BCX")
Telkom SA Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/06)
Share code: TKG & ISIN: ZAE000044897
("Telkom")
Update on Telkom`s proposed acquisition of the entire issued share capital of
BCX (the "Proposed Acquisition")
Shareholders are referred to the joint announcement released on 14 March 2007
where the boards of directors of Telkom and BCX agreed to extend the date by
which all conditions precedent to the Scheme of Arrangement entered into between
Telkom and the BCX shareholders (the "Scheme") are to be fulfilled from 15 March
2007 to 31 May 2007, unless further extended by agreement between Telkom and
BCX.
Hearings in relation to the Proposed Acquisition are currently in progress at
the Competition Tribunal. The boards of directors of Telkom and BCX have
therefore agreed to extend the date by which all conditions precedent to the
Scheme have to be fulfilled to 1 July 2007, unless further extended by agreement
between Telkom and BCX. .
The Proposed Acquisition remains subject to the Competition Authorities
approving the Proposed Acquisition in terms of the Competition Act, 1998 (Act 89
of 1998) as amended, either unconditionally or subject to such conditions as may
be acceptable to Telkom.
A further announcement will be made in due course.
Johannesburg
31 May 2007
Financial advisor to BCX: Investec Corporate Finance
Financial advisor and sponsor to Telkom: UBS
Transaction sponsor to BCX: Investec Bank Limited
Attorneys to Telkom: Werksmans Inc.
Attorneys to BCX: Cliffe Dekker Inc.
Sponsor to BCX: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 31/05/2007 09:03:46 Produced by the JSE SENS Department.
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