CVN - Convergenet Holdings Limited - Disclosure of the acquisition and

CVN - Convergenet Holdings Limited - Disclosure of the acquisition and          
disposal of securities in terms of Section 122(3)(B) of The Companies Act 71    
of 2008                                                                         
CONVERGENET HOLDINGS LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/015580/06)                                            
Share code:  CVN    ISIN:  ZAE000102067                                         
("ConvergeNet" or "the company")                                                
DISCLOSURE OF THE ACQUISITION AND DISPOSAL OF SECURITIES IN TERMS OF SECTION    
122(3)(b) OF THE COMPANIES ACT 71 OF 2008                                       
ConvergeNet has received notification from ABSA Bank Limited ("Absa"), in       
terms of Section 122(1)(a) of the Companies Act (71 of 2008) ("the Act"),       
which requires investors to notify the Company within 3 business days after     
having:                                                                         
1.)  Acquired a beneficial interest in sufficient securities of a class         
issued by the Company such that, as a result of the acquisition, the        
    investor holds a beneficial interest in securities amounting to 5%, 10%,    
    15%, or any further whole multiple of 5%, of the issued securities of       
    that class; or                                                              
2.)  Disposed of a beneficial interest in sufficient securities of a class      
    issued by the Company such that, as a result of the disposition, the        
    investor no longer holds a beneficial interest in securities amounting      
    to a particular multiple of 5% of the issued securities of that class.      
Once notification on Form TRP 121.1 by the Company has been received from an    
investor, the Company will file a copy of the TRP 121.1 together with a copy    
of the TRP 121.2 with the Takeover Regulations Panel ("TRP") as well as         
report the information to the holders of the relevant class of securities on    
SENS unless the notice concerned a disposition of less than 1% of the class     
of securities.                                                                  
Accordingly, Absa notified the Company that it transferred 9.4% of the          
securities of the company on 18 November 2011 to Absa Trading and Investment    
Solutions Limited ("Absa Trading"), which effectively is deemed a disposal by   
Absa and an acquisition by Absa Trading.                                        
Similarly, Absa Trading provided notification to the Company that it had        
acquired 9.4% of the Company`s securities.                                      
Johannesburg                                                                    
02 December 2011                                                                
Sponsor                                                                         
Arcay Moela Sponsor (Proprietary) Limited                                       
Date: 02/12/2011 11:00:01 Supplied by www.sharenet.co.za                     
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