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BDEO BVT
BVT BDE
Bidvest/ Dinatla/ BidBEE - Salient dates and times
The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021180/06)
Share code: BVT
ISIN: ZAE000050449
("Bidvest")
Dinatla Investment Holdings (Pty) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/023927/07)
("Dinatla")
BidBEE Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/01886/06)
Share code: BDE
ISIN: ZAE000050423
("BidBEE")
Salient dates and times relating to the settlement by Dinatla of its
indebtedness to BidBEE and the settlement of the BidBEE securities holders
Introduction
Shareholders are referred to:
- the scheme of arrangement approved by Bidvest shareholders in 2003 as
proposed by Dinatla between Bidvest and the holders of ordinary shares in
Bidvest (other than BB Investment Company (Proprietary) Limited), to which
BidBEE was a party ("the scheme"), pursuant to which Dinatla acquired
approximately 15% of the issued share capital of Bidvest; and
- the announcement by Bidvest, Dinatla and BidBEE dated September 26 2006
advising shareholders of the refinancing by Dinatla of its indebtedness to
BidBEE ("the Dinatla indebtedness") arising pursuant to the scheme.
The Dinatla indebtedness
In terms of the scheme, Dinatla has an obligation to settle the Dinatla
indebtedness prior to or on December 12 2006 ("the specified date"). The
amount of the Dinatla indebtedness is based on a rolling 14-day traded volume
weighted average price ("VWAP") of the Bidvest shares immediately preceding the
specified date but subject to a maximum of R60.00 per Bidvest share and a
minimum of R42 per Bidvest share. Based on the anticipation that the 14-day
traded VWAP per Bidvest share does not fall below R60 per share, the amount of
the Dinatla indebtedness which will be settled by Dinatla to BidBEE is R2,7
billion, being 45 million Bidvest shares multiplied by the maximum price of
R60.00 per share.
Obligations of BidBEE
In terms of the scheme, BidBEE is obliged to pay each securities holder
("BidBEE securities holder") the pro rata portion of the settlement received
by BidBEE in settlement of or pursuant to the Dinatla indebtedness as soon as
possible after receipt of such distribution. In terms of this obligation and
based on the anticipated receipt by BidBEE of a total of R2,7 billion on the
specified date, BidBEE will distribute to BidBEE securities holders an amount
of R60.00 per BidBEE security ("the BidBEE distribution") in accordance with
the salient dates and times in paragraph 4 below.
Salient dates and times relating to the settlement by Dinatla of its
indebtedness to BidBEE
2006
Last day to trade BidBEE securities in Friday, December 1
order to participate in the BidBEE
distribution
Listing of BidBEE securities suspended on Monday, December 4
the JSE from the commencement of business
Record date ("the record date") on which Friday, December 8
BidBEE securities holders must be recorded
in the register in order to participate in
the BidBEE distribution
Settlement by Dinatla of the Dinatla Tuesday, December 12
indebtedness to BidBEE
BidBEE securities holders recorded in the Thursday , December 14
register on the record date settled from
the commencement of business
Listing of BidBEE securities terminated on Friday, December 15
the JSE
BidBEE securities may not be dematerialised or rematerialised after Friday,
December 1 2006.
By order of the Board
Johannesburg
November 10 2006
Lead sponsor Joint sponsor
Investec Bank Limited Deutsche Securities (Pty) Limited
Date: 13/11/2006 07:47:45 AM Produced by the JSE SENS Department
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