| Fri 24 Oct 2003, 8:49 | | SALIENT DATES ANNOUNCEMENT OF THE PROPOSED ACQUISI |
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SALIENT DATES ANNOUNCEMENT OF THE PROPOSED ACQUISITION BY DINATLA
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
(Share code: BVT ISIN: ZAE000008132)
("Bidvest")
Dinatla Investment Holdings
Dinatla Investment Holdings (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/023927/07)
("Dinatla")
BidBEE
BidBEE Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/018861/06)
Securities code: BDE
("BidBEE")
SALIENT DATES ANNOUNCEMENT OF THE PROPOSED ACQUISITION BY DINATLA OF 45 000
000 bidvest ORDINARY SHARES BEING APPROXIMATELY
15% OF THE ISSUED SHARE CAPITAL OF BIDVEST BY WAY OF A SCHEME OF ARRANGEMENT
AND THE ABRIDGED PRE-LISTING STATEMENT FOR
45 000 000 BIDBEE SECURITIES TO BE ISSUED AS CONSIDERATION IN TERMS OF THE
SCHEME
The terms used in this announcement are contained in the definition section in
paragraph 15 below.
1. INTRODUCTION
As announced on SENS on July 9 2003 and in the press on July 10 2003
Dinatla will, subject to the fulfilment of the suspensive conditions listed in
paragraph 7, propose the scheme. In terms of the scheme, Dinatla will, with
effect from the operative date, acquire the scheme shares pro rata from the
scheme participants. This initiative will significantly raise Bidvest"s
empowerment status
2. SALIENT FEATURES OF THE SCHEME
The scheme will result in Dinatla becoming the owner, from the operative
date, of the scheme shares which it will acquire, pro rata from the scheme
participants, and as such will be entitled to vote the scheme shares. The
scheme shares held by Dinatla will not participate in dividend distributions
during the transaction period.
In exchange for the disposal of the scheme shares, the scheme
participants will receive the scheme consideration and call options. The call
options entitle the holders to subscribe at the strike price (R60,00 per
Bidvest ordinary share, subject to adjustment), in the aggregate, for 18
million Bidvest shares which will be issued, if the call options are
exercised, on the third anniversary of the operative date.
The obligation of Dinatla to deliver the scheme consideration to the
scheme participants will be delegated by Dinatla to BidBEE, which will settle
the scheme consideration by issuing the BidBEE securities to the scheme
participants. BidBEE has been established for the specific purpose of issuing
and owing the BidBEE securities to the securities holders, so as to enable
securities holders to trade the BidBEE securities. The BidBEE securities will
be listed on the main board of the JSE in the Specialist Securities Sector
("Other") under the name "BDE".
In exchange for the assumption by BidBEE of the obligation of Dinatla to
deliver the scheme consideration to the scheme participants, Dinatla will
become liable to BidBEE for the Dinatla indebtedness. BidBEE will use the
settlement received from Dinatla of the Dinatla indebtedness to settle its
indebtedness under the BidBEE securities.
The Dinatla indebtedness is the obligation, subject to the resolutive
conditions described in paragraph 4, to pay by not later than the settlement
date, the calculated value multiplied by 45 000 000 to BidBEE. Settlement will
either be in cash in full or partly in cash and partly by the delivery of the
relevant number of scheme shares, calculated on the basis of the calculated
value multiplied by 45 000 000. Dinatla shall be entitled to settle the
Dinatla indebtedness in full prior to the settlement date but only in cash.
The Dinatla indebtedness will not be less than the minimum price (R42,00,
subject to adjustment) nor more than the maximum price (R60,00, subject to
adjustment) multiplied by 45 000 000. At the operative date the Dinatla
indebtedness will have an aggregate minimum value of R1 890 million and an
aggregate maximum value of R2 700 million, before any adjustments to the
minimum price and the maximum price. The Dinatla indebtedness will be secured
by the pledge of the scheme shares by Dinatla in favour of BidBEE.
Until the specified date, Dinatla will be deemed to have renounced any
specified distributions and rights offers on the scheme shares to BidBEE,
which in turn will be deemed to have onward renounced them to the securities
holders.
The BidBEE securities entitle the securities holders to:
- the proceeds of the Dinatla indebtedness;
- the specified distributions;
- any rights offers on the scheme shares up to the specified date; and
- the fixed interest dealt with more fully in paragraph 12 as regards any
amount paid in cash by Dinatla to BidBEE. BidBEE shall invest same with The
Standard Bank of South Africa ("SBSA") on overnight call until such time as
same together with the interest accruing thereon, shall be paid to the
securities holders, which shall be as soon as possible after receipt thereof
by BidBEE.
Securities holders are protected by BidBEE and Dinatla being restricted
in their memoranda of association in terms of section 53(a) of the Act in that
they cannot undertake any transactions of any nature whatsoever other than as
envisaged by the scheme. Any transactions completed outside of these powers
will be ultra vires and will therefore be void. Provision has been made in
these companies" memoranda that these companies cannot amend their memoranda
of association without the approval of the JSE and without the approval of, in
the case of Dinatla, Bidvest and BidBEE and in the case of BidBEE, by Dinatla.
A diagrammatic representation of the transaction is as follows:
* Listed on the JSE
** BidBEE securities listed on the JSE
3. EXTENSION OF THE SPECIFIED DATE
The specified date can be extended by agreement between BidBEE and
Dinatla and the approval of securities holders holding not less than 75% by
market value of the BidBEE securities with the result that the transaction
period is extended by a maximum of one year in the aggregate.
4. RESOLUTIVE CONDITIONS
The transaction is subject to the following resolutive conditions namely:
4.1 Dinatla resolutive condition
If on the specified date the calculated value of a scheme share does not
exceed the maximum price, unless Dinatla elects to and does implement the
transaction in whole or in part, the transaction or the relevant part will be
cancelled ab initio.
4.2 BidBEE resolutive condition
On each occasion after the first 30 days reckoned from the operative
date, on which the value of a Bidvest share traded on the JSE calculated on a
rolling 14-day traded volume weighted average price, falls below R32,00
(subject to adjustment having regard to specified distributions, rights offers
and capital restructurings), the transaction in its entirety shall be
cancelled ab initio, unless the board of directors of BidBEE waives the BidBEE
resolutive condition. If the value of a Bidvest share traded on the JSE
calculated on a rolling 14-day traded volume weighted average price, falls
below R36,00 (subject to adjustment having regard to specified distributions,
rights offers and capital restructurings), the board of directors of BidBEE is
entitled to seek directions from the securities holders as to whether or not
to waive the resolutive condition if it arises.
The resolutive conditions, if fulfilled, shall not in any way affect the
issue of the call options.
5. FINANCIAL EFFECTS PERTAINING TO THE SCHEME
The financial benefits to Bidvest emanating from the BEE initiative are
difficult to quantify, but are expected to be significant in the future.
The table below sets out the pro forma financial effects of the issue of
the call options on Bidvest. This is provided for illustrative purposes only.
Published Pro forma Increase/ Difference
before after (decrease) %
Earnings per share (cents) 448,6 449,3 0,7 0,2
Headline earnings
per share (cents) 479,0 478,1 (0,9) (0,2)
Distribution per share (cents) 220,0 207,9 (12,1) (5,5)
Net tangible asset value
per share (cents) 1,561,0 1,810,2 249,2 16,0
Number of shares
in issue (million) 302,7 320,7 18,0 5,9
Weighted average number
of shares (million) 308,1 326,1 18,0 5,8
The "Pro forma after" column assumes that:
- the scheme had been implemented with effect from July 1 2002;
- the 18 million call options were exercised and in issue for the full year
ended June 30 2003;
- an average interest rate of 11% per annum before tax for the year ended June
30 2003 was earned by Bidvest on the proceeds from the issue of the shares
which are the subject matter of the call options; and
- in relation to the net tangible asset value calculation the scheme had been
implemented on June 30 2003 and the call options had been exercised and the
shares which are the subject matter of the call options issued on June 30
2003.
The table below sets out the pro forma financial effects of the scheme on
a Bidvest shareholder. This is provided for illustrative purposes only and
excludes the effects of the enhanced dividend yield on the share price of
Bidvest shares and, because of its historical nature, may not be a true
reflection of the effects into the future.
Before Pro forma after
15
100 85 BidBEE Diff- Diff-
Bidvest Bidvest Secu- 6 Call erence erence
shares shares rities options Total R %
Attributable market
value (Rands)
- Market price at
last practicable date(1) 4 201 3 571 578 21 4 170 31 (0,7)
- 30-day volume
weighted price(2) 4 353 3 700 601 21 4 322 31 (0,7)
- 60-day volume
weighted price(3) 4 23 3 760 611 21 4 392 31 (0,7)
Attributable
Distributions - - - - 220 - 0,0
Notes:
(1) The closing market price of 100 Bidvest shares on September 23 2003, being
the last practicable trading day immediately preceding the publication of this
circular.
(2) The volume weighted average trading price of 100 Bidvest shares over the
30 trading days up to and including September 23 2003.
(3) The volume weighted average trading price of 100 Bidvest shares over the
60 trading days up to and including September 23 2003.
The financial effects are indicative only and have been based on the
assumptions set out below:
- the scheme had been implemented on September 23 2003;
- the value of a call option was calculated using the Black Scholes valuation
model with the following assumptions:
- European call option;
- three year term commencing on the operative date of the scheme;
- distributions for the year ended June 30 2003 escalated by 12%;
- volatility of 25%; and
- a strike price of R60 per Bidvest share,
giving a value of R3,47, which was used in the pro forma financial
effects calculation above.
- the value of the BidBEE security is calculated as the value of a Bidvest
share less the value of a call option. No adjustment has been made to the
Bidvest shares and BidBEE securities in the "Pro forma after" column for the
increased and reduced dividend yield respectively, as this is difficult to
quantify and the aggregate effect on a scheme participant is nil;
- the Bidvest shareholders had not renounced their call options at the last
practicable date; and
- the call options granted to the scheme participants represent approximately
6% of the issued share capital of Bidvest.
The difference is equal to the value of a call option on 9% of the
Bidvest shares held by a scheme participant.
6. SALIENT DATES AND TIMES PERTAINING TO THE SCHEME 2003
Last day to trade Bidvest shares on the JSE in order to be
recorded in the register on the voting record date Thursday, October 30
Voting record date in order to be able to vote at the
scheme meeting and general meeting Thursday, November 6
Last day to lodge forms of proxy for the scheme meeting
(by 9:00) and the general meeting by 10:00 Friday, November 7
Scheme meeting held (at 9:00) Monday, November 10
General meeting held (at 10:00 or immediately after the
conclusion of the scheme meeting, whichever is the later) Monday, November 10
Publish results of scheme meeting on SENS (expected date) Monday, November 10
Publish results of scheme meeting
in the press (expected date) Tuesday, November 11
Court hearing to sanction the scheme (at 10:00 or as soon
thereafter as Counsel may be heard in the High Court
of South Africa (Transvaal Provincial Division)) Tuesday, November 18
Publish results of Court hearing Wednesday, November 19
Expected last day to trade Bidvest shares on the JSE in
order to be recorded in the register on the record date
of the scheme Friday, November 28
Expected date of listing the BidBEE securities and the
call options on the JSE and the date from which trading
in the BidBEE will commence Monday, December 1
Expected record date of the scheme to determine
participation in the scheme Friday, December 5
Expected operative date of the scheme from the
commencement of business Monday, December 8
Expected date from which the scheme consideration and the
call options will be made available or posted to certificated
scheme participants (if documents of title are received on or
prior to the record date of the scheme) or, failing that,
within five business days of receipt of the relevant documents
of title by the transfer secretaries Monday, December 8
Dematerialised scheme participants will have the BidBEE
securities and the call options credited to their safe custody
account held at their CSDP or broker Monday, December 8
2006
Expected date of notice reminding the holders of the call options
of the final exercise of the call options, published in the press
and on SENS Wednesday, November 1
Expected last date to exercise call options by 14:30 Friday, December 8
Expected date of settlement of the BidBEE securities to
securities holders Tuesday, December 12
Expected date of listing of shares allotted and issued as
a result of the exercise of the call options Wednesday, December 13
7. SUSPENSIVE CONDITIONS
The scheme is subject to the fulfilment of various suspensive conditions
before it becomes operative. These conditions are:
- in accordance with the requirements of section 311 of the Act:
- the scheme is approved at the scheme meeting by a majority representing
not less than three-fourths of the votes exercisable by scheme members present
and voting either in person or by proxy at the scheme meeting.;
- the Court sanctioning the scheme; and
- a certified copy of the Order of Court sanctioning the scheme being lodged
with, and registered by, the Registrar;
- the granting of a listing by the JSE of the BidBEE securities and the call
options. The JSE has, subject to the fulfilment of all the conditions
precedent, granted approval for the listing of the BidBEE securities and the
call options;
- any other regulatory approvals or consents necessary to implement the scheme
being obtained in unqualified form, including but not limited to approvals and
consents from the JSE and the Exchange Control department of the South African
Reserve Bank;
- the passing of the resolution to be proposed at the general meeting to be
held immediately after the scheme meeting; and
- the signing of a relationship agreement governing the relationship inter
alia between Bidvest, Dinatla and the core shareholders of Dinatla.
Bidvest has undertaken to announce on SENS and in the press confirmation
of the fulfilment of the suspensive conditions as soon as possible after such
fulfilment.
8. INFORMATION RELATING TO BIDBEE
BidBEE was incorporated in South Africa on August 7 2003. Miranda
Feinstein, a director of Edward Nathan & Friedland (Proprietary) Limited, will
be the shareholder of Newshelf 732 (Proprietary) Limited (Registration number
2003/018913/07), which will in turn be the only shareholder of BidBEE. In view
of the structure of BidBEE referred to below and since it will have no assets
other than the Dinatla indebtedness, which it will have to use to settle the
BidBEE securities, there is no possibility of the issued share in BidBEE ever
being worth more than the par value thereof.
In order to enable Dinatla to have the benefits of the protections under
section 53(a) of the Act (as regards the restrictions in its memorandum of
association limiting its powers to undertake transactions other than those
envisaged by the scheme), BidBEE has issued to Dinatla one redeemable
preference share, which Dinatla may not transfer. The preference share will be
redeemed at R1,00. The preference share is not entitled to any votes unless a
resolution is proposed for a distribution to BidBEE"s ordinary shareholder or
the preference dividend or redemption payment remains in arrear.
Edward Nathan & Friedland (Proprietary) Limited is the trustee to BidBEE.
9. INFORMATION RELATING TO DINATLA
Dinatla, a company owned by a consortium of prominent entrepreneurial
black businesses and the Bidvest Dinatla Trust was incorporated in South
Africa on September 29 2003. The Bidvest Dinatla Trust is a trust to be formed
for the purpose of uplifting Bidvest employees and their dependants who are
predominantly historically disadvantaged individuals.
In order to enable Bidvest and BidBEE to have the benefits of the
protections under section 53(a) of the Act (as regards the restrictions in its
memorandum of association limiting its powers to undertake transactions other
than those envisaged by the scheme), Dinatla has issued to Bidvest 1 A and to
BidBEE 1 B redeemable preference share with par values of R1,00 each. The
preference shares are not entitled to any votes unless a resolution is
proposed for a distribution of any nature to Dinatla"s ordinary shareholders
other than as contemplated in the scheme, or a distribution of a preference
dividend, or an redemption payment remains in arrear, or the protections under
section 53(a) are sought to be amended without the requisite approvals.
10. DIRECTORS
Full names Age Qualifications Address
BidBEE
Peter Nyman 58 CA(SA), ACMA, HDip Tax Law Bidvest House
18 Crescent Drive
Melrose Arch,
Melrose
2196
Mafika Sihlali 35 BA.LLB 18 Clydesdale Road
Crystal Park
1515
Guy Smith 72 B.Comm. CA(SA) 48 5th Avenue
Illovo
2196
Dinatla
Lionel Jacobs 59 B. Comm. MBA. Tuscany Office Park
Coombe Place
Rivonia
2128
Tania Slabbert 35 MBA (OU, UK 1998), BA Dunkeld Court
16 North Road
Dunkeld West
2196
11. SHARE CAPITAL OF BIDBEE
Authorised and issued share capital
The authorised and issued share capital of BidBEE, before and after the
issue of the BidBEE securities, assuming that the scheme becomes operative, is
set out below:
R
Before the scheme
Authorised share capital
1 000 ordinary shares of R1,00 each 1 000
1 redeemable preference share of R1,00 1
Total authorised share capital 1 001
Issued share capital
1 ordinary share of R1,00 1
1 redeemable preference share of R1,00 1
Total issued share capital 2
After the scheme
Authorised share capital
1 000 ordinary shares of R1,00 each 1 000
1 redeemable preference share of R1,00 1
Total authorised share capital 1 001
Issued share capital
1 ordinary share of R1,00 1
1 redeemable preference share of R1,00 1
Total issued share capital (including share premium) 2
BidBEE securities R
Before the scheme
Issued
0 BidBEE securities -
-
After the scheme
Issued
45 000 000 BidBEE securities 1 890 000
Total BidBEE securities 1 890 000
12. SALIENT FEATURES OF THE BIDBEE SECURITIES
The BidBEE securities are asset-backed securities in terms of the JSE
Listings Requirements. The BidBEE securities:
- are backed by the scheme shares in terms of the pledge;
- will rank pari passu with one another;
- will receive any specified distributions and will be entitled to participate
in rights offers;
- will receive the fixed interest, namely if Dinatla settles the Dinatla
indebtedness:
1. (or the relevant part thereof, if the Dinatla resolutive condition is
waived only in part) on or after the specified date but before the 2nd
business day after the specified date, the amount of interest (which shall
accrue on the 1st business day after the specified date being the date upon
which the calculated value is ultimately determinable) calculated on the
Dinatla indebtedness (or the relevant part thereof, if the Dinatla resolutive
condition is waived only in part) for one day, namely the 1st business day
after the specified date at a rate equal to the overnight call rate of the
SBSA applicable on the 1st business day after the specified date in respect of
money deposited with SBSA on overnight call;
2. prior to the specified date, the amount of interest (which shall accrue
on the 1st business day succeeding the transaction end date being the date
upon which the calculated value is ultimately determinable) calculated on the
Dinatla indebtedness for one day, namely the 1st business day after the date
of settlement of the Dinatla indebtedness ("transaction end date") at a rate
equal to the overnight call rate of SBSA applicable on the 1st business day
after the transaction end date in respect of money deposited with SBSA on
overnight call.
As regards any amount paid in cash by Dinatla to BidBEE, BidBEE shall
invest same with SBSA on overnight call until such time as same together with
the interest accruing thereon, shall be paid to the securities holders, which
shall be as soon as possible after receipt thereof by BidBEE.
If the Dinatla indebtedness is not settled in full (or in part, if the
Dinatla resolutive condition, described in paragraph 4.1, is fulfilled and
waived only in part), on the settlement date, the Dinatla indebtedness shall
in addition bear mora interest, provided that the mora interest will be
suspended in certain circumstances while the adjustment of the minimum and
maximum price is being settled.
12.1 Entitlement to specified distributions
As regards any specified distributions, Dinatla will be entitled to
receive them as the holder of the scheme shares but will be deemed, during the
transaction period, to have renounced them in favour of BidBEE, which will in
turn onward renounce them to the securities holders. The specified
distributions will not be paid by Bidvest to Dinatla but will be paid by
Bidvest as agent on behalf of Dinatla and BidBEE directly to the securities
holders recorded in the register on the record date for the specified
distribution in question.
12.2 Entitlement to rights offers
As regards rights offers, Dinatla will be entitled to receive them as the
holder of the scheme shares but will be deemed, during the transaction period,
to have renounced them in favour of BidBEE, which in turn will onward renounce
them to the securities holders recorded in the registers and sub-registers of
BidBEE on the record date for the rights offer.
12.3 Entitlement to interest
The BidBEE securities will be interest bearing in that:
12.3.1 they will receive on a pro rata basis interest equal to the fixed
interest which shall accrue on date of receipt from Dinatla of the fixed
interest, and if appropriate mora interest; plus
12.3.2 as regards any amount paid in cash by Dinatla to BidBEE, BidBEE
shall invest same with SBSA on overnight call until such time as same together
with the interest accruing thereon, shall be paid to the securities holders,
which shall be as soon as possible after receipt thereof by BidBEE. The
overnight call rate of SBSA in the event of any dispute shall be certified by
any manager of SBSA whose appointment need not be proved.
12.4 Voting rights
At a meeting of securities holders properly convened, a resolution put to
the vote shall be decided by a poll based on the value of the BidBEE
securities. A 75% majority by value of the BidBEE securities present and
voting at the meeting shall be required to be voted in favour of any
resolution. The result of such poll shall be deemed to be the resolution of
the meeting.
13. LISTING ON THE JSE
Application has been made to the JSE to list 45 000 000 BidBEE securities
on the main board in the Specialist Securities - "Other" sector under the name
"BDE" (incorrectly referred to in the scheme circular and the prelisting
statement as the "Investment Products" sector) and to list the 18 000 000 call
options. The listing is subject to the condition that the scheme is
implemented. BidBEE will then meet the requirements of the JSE in respect of
the requisite spread of securities holders.
14. DOCUMENTATION
The documentation relating to the scheme will be posted today, to Bidvest
shareholders registered at the close of business on Monday, October 20 2003.
Bidvest shareholders are also referred to the notice of scheme meeting and
order of court published simultaneously with this announcement.
Copies of the Pre-listing Statement and the Scheme circular may be
obtained during business hours until Friday, November 18 2003 from:
- Investec Securities Limited, 100 Grayston Drive, Sandown, Sandton 2196;
- Bidvest, Bidvest House, 18 Crescent Drive, Melrose Arch, Melrose 2196;
and
- Computershare Limited, 70 Marshall Street, Johannesburg, 2001.
15. DEFINITIONS
15.1 "the Act" means the Companies Act, 1973 (Act 61 of 1973), as amended;
15.2 "BidBEE securities" means a security issued by BidBEE obliging BidBEE
to pay to the holder the pro rata portion of the Dinatla indebtedness settled
by Dinatla;
15.3 "calculated value" means the value of a Bidvest share on the JSE
calculated on a rolling 14-day traded volume weighted average price of the
Bidvest shares immediately preceding the transaction end date but not less
than the minimum price nor more than the maximum price;
15.4 "call options" means the call options to be granted by Bidvest
entitling the holders to subscribe in the aggregate for 18 million Bidvest
shares;
15.5 "Dinatla indebtedness" means the obligation to pay by the settlement
date the calculated value multiplied by 45 million;
15.6 "JSE" means the JSE Securities Exchange South Africa;
15.7 "maximum price" means R60,00 per scheme share subject to adjustment
having regard to specified distributions, rights offers and capital
restructurings;
15.8 "minimum price" means R42,00 per scheme share subject to adjustment
having regard to specified distributions, rights offers and capital
restructurings;
15.9 "operative date" means the operative date of the scheme which is
expected to be December 8 2003;
15.10 "the scheme" means the scheme of arrangement in terms of section 311
of the Act proposed by Dinatla between Bidvest and the scheme members to which
BidBEE is a party;
15.11 "scheme consideration" means one BidBEE security for every scheme
share disposed of;
15.12 "scheme members" means persons registered as members of Bidvest
other than BB Investment Company (Proprietary) Limited, on Thursday, November
6 2003, entitled to vote at the scheme meeting;
15.13 "scheme participants" means persons registered as members of Bidvest
other than BB Investment Company (Proprietary) Limited (a wholly-owned
subsidiary of Bidvest holding treasury stock), on Friday December 5 2003, who
will dispose of the scheme shares in consideration for the scheme
consideration and who will also receive the call options;
15.14 "scheme shares" means 45 000 000 Bidvest ordinary shares;
15.15 "securities holders" means the holders of BidBEE securities;
15.16 "settlement date" means the first business day after the specified
date which is expected to be Tuesday, December 12 2006;
15.17 "specified date" means the first business day following the third
anniversary of the operative date which is expected to be Monday, December 11
2006;
15.18 "specified distributions" means special distributions paid by the
Bidvest on the scheme shares up to the specified date, other than normal
dividend distributions (which normal dividend distributions may include
distributions from Bidvest"s share premium account);
15.19 "strike price" means R60,00 per Bidvest share which is subject to
adjustment if the capital structure of Bidvest changes during the transaction
period;
15.20 "transaction period" means the period ending on the specified date
unless Dinatla settles the Dinatla indebtedness earlier when it will be that
date.
Sandton
October 24 2003
Investment bank and
transaction adviser
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Corporate law advisers to the transaction
Edward Nathan & Friedland (Pty) Ltd
Corporate Law advisers & Consultants
(Registration number 1999/026464/07)
Werksmans Incorporated
(Registration number 1990/007215/21)
Lead sponsor to Bidvest
Investec Securities Limited
Member of the JSE
(Registration number. 1972/008905/06)
Joint sponsor to Bidvest
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
Reporting accountant and auditor
KPMG
Attorneys for the scheme
Knowles Husain Lindsay Inc
Attorneys
(Registration number 2000/000004/21)
Independent advisor
Nedbank Corporate
Date: 24/10/2003 07:45:43 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
