THE BIDVEST GROUP LIMITED - Legal proceedings announcement

Legal proceedings announcement

        The Bidvest Group Limited                     Community Investment Holdings Proprietary

Incorporated in the Republic of South Africa                             Limited

  (Registration number 1946/021180/06)                 Incorporated in the Republic of South Africa

   Share Code: BVT ISIN: ZAE000117321                 (Registration number 1995/007296/07)

                    (“Bidvest”)                                          (“CIH”)





  Legal proceedings relating to CFR Pharmaceuticals S.A. (“CFR”) /Adcock Ingram Holdings Limited

                                      (“Adcock”) transaction



The announcement released on SENS by Bidvest on December 2 2013 refers, in terms of which the

Bidvest/CIH (“Consortium”) were advised by its legal team to launch legal proceedings to challenge

compliance with certain legal and regulatory aspects of the CFR/Adcock Transaction.

In this regard, Bidvest advises that is has launched proceedings in the South Gauteng High Court

(“High Court) in relation to the scheme of arrangement proposed by Adcock in its circular to

shareholders dated 18 November 2013 (“the Scheme”).

Bidvest is seeking various declaratory orders from the High Court which include:-

1. declaring the Scheme and the transactions for the implementation of the Scheme void in terms of

   section 44(5) of the Companies Act, 71 of 2008 (“the Act”);

2. declaring that, the combined general meeting and the ordinary general meeting convened by

   Adcock have not been lawfully convened; and

3. interdicting Adcock and the other respondents to the High Court proceedings from implementing

   the Scheme and giving effect to the transactions that are required for the implementation of the

   Scheme





Johannesburg

December 3 2013





Sponsor

Investec Bank Limited


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