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COMPAREX/BCI -
COMPAREX HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/002506/06)
Share code: CPX ISIN: ZAE000016812
("Comparex")
BUSINESS CONNEXION INVESTMENTS
(Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/016929/07)
("BCI")
Cautionary announcement regarding the proposed merger of Comparex Africa
(Proprietary) Limited and Business Connexion Solutions Holdings (Proprietary)
Limited
1. Introduction
Comparex shareholders are advised that Comparex and BCI, the holding company
of Business Connexion Solutions Holdings (Proprietary) Limited ("Business
Connexion"), are currently in negotiations regarding the merger of Comparex
Africa (Proprietary) Limited ("Comparex Africa") and Business Connexion ("the
proposed merger").
Pursuant to the proposed merger and related vendor financing arrangement, BCI, a
black owned and controlled company, will own 25,01% of the issued share capital
of Comparex Africa. Accordingly, the proposed merger will create the largest
black empowered full-service Information Technology ("IT") company in South
Africa, with meaningful representation throughout the country.
2. Background information on BCI and Business Connexion
BCI is majority owned and controlled by its black executive management team.
Its principal operating subsidiary, Business Connexion, was founded in November
2001 through the merger of two of South Africa"s leading Microsoft partner
companies at that time, namely Business Connection (Proprietary) Limited and
Seattle Solutions (Proprietary) Limited. Business Connexion has achieved
significant growth since the merger, generating revenues of approximately R368
million for the year ended 28 February 2003.
Business Connexion is a Microsoft Triple Gold Partner in South Africa and has
won numerous awards including Microsoft Large Account Reseller for Africa 2001,
2002 and 2003 and Black Business Quarterly magazine"s Best Performance and
Productivity Black Business for 2002. In addition Benjamin Mophatlane, Business
Connexion"s Chief Executive, was named "IT Personality of the Year for 2002" by
the Computer Society of South Africa, in association with ITWeb and Meta Group,
for his and Business Connexion"s contribution to the transformation of the South
African IT sector.
3. Cautionary announcement
Comparex shareholders are advised that Comparex and BCI are still involved
in finalising the terms of the proposed merger which, if successfully concluded,
may have an effect on the market price at which Comparex"s shares trade on the
JSE Securities Exchange South Africa. Comparex shareholders are accordingly
advised to exercise caution in dealing in their shares until a further detailed
announcement is made.
Johannesburg
21 October 2003
Merchant bank to Comparex and Transaction advisers
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys to Comparex
Cliffe Dekker
Sponsor to Comparex
Rand Merchant Bank
A division of First Rand Bank Limited
Corporate Finance
Attorneys to BCI
Peter Dawe and assosiates
Klagsbrun de Vries and van Deventer
Date: 21/10/2003 05:01:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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