THE BIDVEST GROUP LIMITED - OFFER TO BIDVEST PLC (`Bidplc`) MINORITIES
The Bidvest Group Limited
Incorporated in the Republic of South Africa
Registration number 1946/021180/06
Share code: BVT
ISIN: ZAE000050449
(`Bidvest` or `the Company`)
OFFER TO BIDVEST PLC (`Bidplc`) MINORITIES
Shareholders` attention is drawn to the announcement issued today on the
recommended cash offer made by Bid Foodservice Products Division (IOM) Limited
(`BFPD`) for the entire issued and to be issued share capital of Bidplc (`the
offer`) set out below.
`6 August 2004
Bid Foodservice Products Division (IOM) Limited (`BFPD`)
Recommended Cash Offer
for Bidvest plc (`Bidplc`)
POSTING OF COMPULSORY ACQUISITION NOTICE AND DELISTING
Following the announcement and the receipt of valid acceptances in respect of
more than nine-tenths in value of Bidplc Shares affected by the Offer on 5 April
2004, BFPD declared its offer for the entire issued and to be issued share
capital of Bidplc (the `Offer`) unconditional in all respects.
Since four months have elapsed, Bidplc has today sent to non-assenting Bidplc
Shareholders notices implementing the procedures set out in section 154 of the
Isle of Man Companies Act 1931 to acquire compulsorily those Bidplc Shares which
have not been assented to the Offer.
As at 3.00 p.m. (London time) on 5 August 2004, valid acceptances of the Offer
had been received in respect of a total of 199,617,582 Bidplc Shares
representing, in aggregate, approximately 99.58 per cent. of the current issued
share capital of Bidplc.
The Offer will remain open for acceptance until further notice and remains
subject to the terms set out in the Offer Document.
Applications will be made today to the ASX and Luxembourg Stock Exchange for the
cancellation of the listing of the Bidplc Shares on the ASX and the Luxembourg
Stock Exchange, respectively. The ASX and Luxembourg Stock Exchange will
suspend trading 5 business days after receiving the relevant application and
will cancel the listing of the Bidplc Shares after a further 3 business days.
It is expected that trading will be suspended at close of trading on 13 August
2004 and that the cancellations will take effect at close of trading on 18
August 2004.`
Sandton
6 August 2004
ENQUIRIES:
Bidvest
Brian Joffe (Chief Executive)
Tel: + 27 (0) 11 772 8704
David Cleasby (Investor Relations)
Tel: +27 (0) 11 772 8706
Investec Bank Limited HSBC Bank plc
Edward Nathan & Friedland (Pty) Ltd Deutsche Securities SA (Pty) Ltd
HSBC Bank plc, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Bidvest and BFPD and no one else
in connection with the Offer and will not be responsible to anyone other than
Bidvest and BFPD for providing the protections afforded to customers of HSBC
Bank plc or for providing advice in relation to the Offer or any other matter
referred to in this announcement.
Date: 06/08/2004 09:59:06 AM
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