BCX TKG
BCX TKG
BCX/TKG - Update on Telkom`s proposed acquisition of all the issued share
capital of BCX
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX & ISIN: ZAE000054631
("BCX")
Telkom SA Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/06)
Share code: TKG & ISIN: ZAE000044897
("Telkom")
Update on Telkom`s proposed acquisition of all the issued share capital of BCX
("the proposed acquisition")
Shareholders are referred to the joint announcement released on 20 November 2006
in which the recommendation by the Competition Commission to the Competition
Tribunal was disclosed. It was further stated that the closing date for the
fulfilment of all conditions precedent, as set out in the Scheme of Arrangement
entered into between Telkom and the BCX shareholders which was issued on 19 May
2006 ("the Scheme"), being 15 December 2006 unless extended by agreement between
the boards of BCX and Telkom. The proposed acquisition remains subject to the
Competition Authorities approving the proposed acquisition in terms of the
Competition Act, 1998 (Act 89 of 1998) as amended, either unconditionally or
subject to such conditions as may be acceptable to Telkom.
The boards of directors of Telkom and BCX have agreed to extend the date by
which all conditions precedent to the Scheme have to be fulfilled from 15
December 2006 to 15 March 2007, unless further extended by agreement between
Telkom and BCX.
A further announcement will be made in due course.
Johannesburg
14 December 2006
Financial advisor to BCX: Investec Corporate Finance
Financial advisor and sponsor to Telkom: UBS South Africa (Pty) Limited
Transaction sponsor to BCX: Investec Bank Limited
Attorneys to Telkom: Werksmans Inc.
Attorneys to BCX: Cliffe Dekker Inc.
Sponsor to BCX: Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 14/12/2006 11:45:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
