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         (Incorporated in the Republic
South Africa)                            South Africa)
(Registration number                     (Registration number
1988/005282/06)                          1991/005476/30)
JSE code: BCX                            JSE code: TKG
ISIN: ZAE0000154631                      ISIN: ZAE000044897
(“BCX” or the “Company”)                 (“Telkom”)

TKG/BCX: Update Announcement: Acquisition by Telkom of the Entire 
Issued Share Capital of BCX


Unless defined herein, terms used in this announcement shall bear 
the same meaning as defined in the circular published by BCX on 
11 July 2014.


Shareholders of BCX and Telkom (“Shareholders”) are referred to the 
various announcements released on the Stock Exchange News Service of 
the JSE Limited (“JSE”), regarding the Proposed Transaction.


Further to these announcements, we wish to inform Shareholders that the 
South African Competition Commission has concluded its investigation of 
the Proposed Transaction and recommended that the acquisition by Telkom 
of the entire issued share capital of BCX is approved subject to conditions.


The South African Competition Tribunal will set the matter down for hearing
in due course (“Competition Tribunal Hearing”). After the completion of the 
Competition Tribunal Hearing, Shareholders will be advised on SENS of the 
outcome thereof and of the salient dates for the implementation of the
transaction, if the Proposed Transaction is approved on terms acceptable to 
the parties. BCX and Telkom remain committed to the Proposed Transaction,
and will engage and work with the applicable regulatory bodies accordingly.


Further information with regards to the South African Competition Commission’s 
recommendation, will be available in due course at the following website: 
www.compcom.co.za




BCX                                 Telkom
Midrand                             Pretoria
14 May 2015                         14 May 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: 14/05/2015 03:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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