The Bidvest Group -
THE BIDVEST GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT ISIN: ZAE 000008132
("Bidvest")
Renewal of cautionary announcement
Bidvest shareholders are referred to the cautionary announcement published on
SENS on Wednesday July 9 2003 and in the press on Thursday July 10 2003,
detailing a major empowerment initiative in which Bidvest had initiated the
introduction of a 15% Black Economic Empowerment shareholding by Dinatla ("the
announcement"). Dinatla will, subject to the fulfilment of certain conditions
precedent, propose a scheme of arrangement in terms of section 311 of the
Companies Act (Act 61 of 1973) between Bidvest and its shareholders ("the
scheme") to acquire 15% of the issued share capital of Bidvest.
The following amendments to the proposed scheme as set out in the announcement
have been made:
- the right of Bidvest shareholders to subscribe pro rata to their
shareholding for a total of 18 million new Bidvest shares at a strike price of
R60 per Bidvest share in 3 years from the time the scheme becomes operative,
will now accrue to Bidvest shareholders registered on the record date of the
scheme, which is expected to be in early November 2003; and
- In recognition of Makana Investment Corporation"s ("Makana") potential
future conflicting business opportunities, it has been agreed between Makana,
Dinatla and Bidvest that Makana will withdraw from the Dinatla consortium.
Bidvest shareholders are advised that Dinatla and Bidvest are in the process of
finalising the documentation relating to the scheme. Accordingly Bidvest
shareholders are advised to continue to exercise caution in dealing in their
shares until the scheme documentation is published.
Sandton
August 26 2003
Merchant bank to Corporate Law Joint Sponsor Joint Sponsor
Bidvest and Advisers to the Investec Deutsche
Transaction transaction Securities Securities
advisers Edward Nathan &
Investec Corporate Friedland (Pty)
Finance Ltd
Date: 26/08/2003 09:53:02 AM Supplied by www.sharenet.co.za
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