TELKOM SA SOC LIMITED - TKG/BCX - Update announcement: Acquisition by Telkom of the entire issued share capital of BCX

TKG/BCX - Update announcement: Acquisition by Telkom of the entire issued share capital of BCX

BUSINESS CONNEXION GROUP LIMITED                                TELKOM SA SOC LIMITED
(Incorporated in the Republic of South  Africa)                 (Incorporated in the Republic South Africa)
(Registration number 1988/005282/06)                            (Registration number 1991/005476/30)
 JSE code: BCX                                                  JSE code: TKG
ISIN: ZAE0000154631                                             ISIN: ZAE000044897
("BCX")                                                         ("Telkom")





Update announcement: Acquisition by Telkom of the entire issued share capital of BCX


Unless defined herein, terms used in this announcement shall bear the meanings ascribed to them in
the circular published by BCX on 11 July 2014.

Shareholders of BCX and Telkom (“Shareholders”) are referred to the announcements released on
the Stock Exchange News Service (“SENS”) of the JSE Limited dated:



    -   11 August 2014, relating to the results of the general meeting;
    -   20 October 2014, being an update announcement relating to the regulatory approvals;
    -   21 October 2014, being a clarification announcement relating to the update announcement ref
        erred to above; and
    -   30 January 2015, relating to the extension of the Long Stop Date from 30 January 2015 to 31
        March 2015.

Further to these announcements, we wish to inform Shareholders that the COMESA Competition
Commission has unconditionally approved the Proposed Transaction.

The last remaining conditions precedent to the Proposed Transaction are (i) the approval of the South
Africa Competition Authorities; (ii) to the extent required, the approval by the Independent
Communication Authority of South Africa (ICASA) and (iii) the issue of a compliance certificate by the
Takeover Regulation Panel in terms of section 119(4)(b) of the Companies Act. Shareholders will be
advised on SENS of progress made in respect of the remaining conditions precedent.




BCX                                                   Telkom
Midrand                                               Pretoria
16 March 2015                                         16 March 2015



Investment bank and corporate advisor to BCX: Investec Bank Limited

Transaction sponsor to BCX: Investec Bank Limited

Investment bank and corporate advisor to Telkom: Absa Bank Limited

Transaction sponsor to Telkom: Absa Bank Limited

Legal advisor to BCX and Telkom: Edward Nathan Sonnenbergs Incorporated

Sponsor to BCX: One Capital Sponsor Services (Proprietary) Limited

Sponsor to Telkom: The Standard Bank of South Africa Limited

Date: 16/03/2015 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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