BUSINESS CONNEXION GROUP LIMITED - General meeting relating to the granting of
general authority of Business Connexion to repurchase its shares
BUSINESS CONNEXION GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
(`Business Connexion` or `the Company`)
NOTICE OF GENERAL MEETING
Business Connexion shareholders are referred to the announcement released on the
Securities Exchange News Service (`SENS`) of the JSE Securities Exchange South
Africa (`JSE`) on Thursday, 7 April 2005, in terms of which it was announced
that Business Connexion (Proprietary) Limited, a subsidiary of the Company had
reached agreement (`the settlement`) with the South African Revenue Services on
the value of the trademarks claimed as a deduction from its taxable income for
the financial years 1995 to 2004.
As a result of the settlement, the Company has an additional R191 million in
unencumbered cash that is not required for working capital purposes, and is
reviewing its options in respect of its cash holdings, one of which is the
repurchase of its shares on the JSE.
Accordingly, the directors of Business Connexion require that shareholders grant
them general authority to repurchase the Company`s shares on the JSE. Such
general authority will provide the board with flexibility, subject to the
requirements of the Companies Act, 1973 (Act 61 of 1973), as amended and the
Listings Requirements of the JSE, to repurchase shares should it be in the
interest of the Company at any time while the general authority exists.
A circular relating to the granting of general authority for Business Connexion
to repurchase its shares, incorporating a notice of the general meeting to be
held on Friday 13 May 2005 at 12:00 and a form of proxy, will be posted to
shareholders on Thursday 28 April 2005.
Midrand
26 April 2005
Transactional sponsor and Investment Bank
Investec Bank Limited
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Corporate Finance
Date: 26/04/2005 12:19:43 PM
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