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THE BIDVEST GROUP LIMITED - RESULT OF SCHEME MEETING
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT ISIN code: ZAE 000008132
("Bidvest" or "the Group")
RESULT OF SCHEME MEETING
* Dinatla"s acquisition of 45 million Bidvest shares (approximately 15% of the
issued share capital) approved by shareholders
* Following Court approval, Dinatla to become the largest single shareholder in
Bidvest
* Important step forward in realising Bidvest"s objectives for sustainable BEE
* Dinatla is a broad-based empowerment consortium owned by entrepreneurial black
businesses countrywide and the Bidvest Dinatla Trust
* Core Dinatla shareholders have existing relationships with Bidvest and have
proven their value-add to the Group
* Bidvest looks forward to strengthening relationships with the regional
participants in Dinatla
* Dinatla"s objectives aligned with all Bidvest"s stakeholders
* Shareholding at Group level to avoid potential conflicts of interest at
operational level
No encumbrance on Bidvest balance sheet
* Bidvest positioned for improved participation in private and public sector
opportunities, providing an enhanced platform for growth
* Bidvest BEE strategy is to deliver true BEE influence in line with the DTI
Strategy for Broad-Based Black Economic Empowerment
Johannesburg
November 10th 2003
Brian Joffe, Bidvest Executive Chairman, commented:
"We are delighted that shareholders have approved the scheme of arrangement
which is now only subject to the sanction of the Court later this month.
This innovative and unique transaction was created to deliver broad based
empowerment and to make a sustainable contribution to the social and economic
transformation that is so desperately needed in South Africa. Dinatla, our BEE
partner, has very broad based representation both nationally and regionally.
Going forward, we are committed to developing the Bidvest Charter, including
objectives for employment equity, enterprise development, skills development,
and affirmative procurement. We are working hard with Dinatla to achieve these
objectives and a number of initiatives have already been implemented.
We are excited about the additional growth prospects that our new status will
bring both in the private and public sectors thus securing a firm place for
Bidvest in the South African economy of the future."
Tania Slabbert, Dinatla Investment Holdings, commented:
"We are thrilled by the result of the scheme meeting. We are looking forward to
partnering Bidvest in the years ahead to help bring meaningful value to the
Group as well as helping to develop Bidvest"s BEE transformation."
Enquiries:
The Bidvest Group Limited Tel: (011) 772 8700
Brian Joffe, Executive Chairman
Jack Hochfeld, Investor relations Tel: (011) 772 8705
David Cleasby, Investor relations Tel: (011) 772 8706
Dinatla
Tania Slabbert Tel: (011) 442 2777
Lionel Jacobs Tel: (011) 519 8430
Tanja Glavovic Tel: (082) 901 0327
College Hill South Africa Tel: (011) 447 3030
Nicholas Williams
Johannes van Niekerk
Date: 10/11/2003 12:48:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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