BVT - Bidvest - Update following strategic review of the Foodservice Business
BVT
BVT
BVT - Bidvest - Update following strategic review of the Foodservice Business
and Withdrawal of Cautionary Announcement
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT & ISIN ZAE000117321
("Bidvest")
Update following strategic review of the Foodservice Business and withdrawal of
cautionary announcement
Bidvest shareholders are referred to the cautionary announcement published on
the Securities Exchange News Service on July 6 2011.
The Board of Bidvest ("the Board") has completed its strategic review of the
Foodservice Business ("Business") resulting from the receipt of various
unsolicited proposals. These proposals highlight that the Business is a highly
rated and appealing strategic asset. Despite the current difficult economic
environment the review confirmed that the Business can continue to grow both
organically and acquisitively.
In assessing the proposals the Board strongly endorsed the Bidvest business
model and reemphasised that a demerger should not take place if it is at the
expense of critical mass and financial strength.
The Board concluded that, whilst in the short term the proposals would have
realised significant amounts of cash, they would not have optimised value nor
the strategic benefits that are likely to flow from the current Bidvest
structure over the medium term.
Bidvest remains focused on identifying avenues for growth in the Business and in
this regard Bidvest is pleased to announce that it has concluded Memorandums of
Understandings to purchase foodservice businesses in Egypt, the Baltics, as well
as in Chile, its first entry into the high growth South American market.
Accordingly Bidvest shareholders are no longer required to exercise caution in
dealing in their Bidvest shares.
By order of the Board
The Bidvest Group Limited
August 18 2011
Sponsor:
Investec Bank Limited
Date: 18/08/2011 07:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
