BVT - The Bidvest Group Limited - Results of annua
BVT
BVT
BVT - The Bidvest Group Limited - Results of annual general meeting and general
trading update
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1946/021180/06
Share code: BVT
ISIN: ZAE000050449
("Bidvest")
RESULTS OF ANNUAL GENERAL MEETING AND GENERAL TRADING UPDATE
ANNUAL GENERAL MEETING
Shareholders are advised that further to the Annual General Meeting held on
November 7 2007, ordinary resolutions number 1 and 2 proposed in the notice to
shareholders in regard to the placement of unissued shares of the company under
the control of the directors and authorisation for the directors to issue
ordinary shares for cash were withdrawn at the meeting in line with present
corporate governance standards. Ordinary resolutions numbers 3, 6.1 to 6.9 and
7.1 and 7.2 and the special resolution number 1 were all passed without
modification by the requisite majority of shareholders. The special resolution
will be lodged with the Registrar of Companies for registration, in due course.
GENERAL TRADING UPDATE
Shareholders are advised that a general update on prevailing economic conditions
was provided by management at the Annual General Meeting. Higher interest rates
and slowing consumer spending and the strengthening of the rand are contributing
to a more challenging business environment, particularly in the Bid Auto
division. Management continue to focus on the achievement of above average
returns and astute asset management to enable the Group to avail itself of such
opportunities as and when they arise. The Group remains in sound financial shape
and management remain confident of achieving real earnings growth for the year
ending June 30 2008, albeit at lower growth levels than those achieved for the
financial year ended June 2007.
By order of the Board
Johannesburg
November 7 2007
Sponsor: Investec Bank Limited
Date: 07/11/2007 17:36:18 Produced by the JSE SENS Department.
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