The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
JSE Share code: BVT ISIN: ZAE000008132
("Bidvest" or the "company")
Company announcement
1. Issue of shares for cash
Shareholders are advised that on 23 April 2002 Bidvest successfully
completed an issue for cash of 12 455 360 new Bidvest ordinary shares of 5
cents each ("new Bidvest Shares"), thereby increasing its capital base by
R558 million. The new Bidvest shares were issued at R44,80 per share.
All the new Bidvest shares have been placed with institutional shareholders
in terms of the general authority granted to the company by its shareholders
on 25 October 2001. The issue represents 4,2% of the issued share capital
of Bidvest.
The financial effects of this issue of shares for cash on the financial
results for the year to June 2002 will be negligible.
2. Rationale
Bidvest is constantly evaluating opportunities for expansion and this issue
of shares for cash will further strengthen its capital base and place the
company in a position to take advantage of these opportunities as and when
they arise.
3. Listing of the new Bidvest shares
Application has been made to the JSE Securities Exchange South Africa to
list the new Bidvest shares from the commencement of business on Tuesday 30
April 2002.
Johannesburg
29 April 2002
Merchant bank to Bidvest Lead Sponsor to Bidvest
Investec Corporate Finance Investec Securities
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