CONVERGENET HOLDINGS LIMITED - Objection to the granting by the Takeover Regulation Panel of an exemption from the requirement to make a mandatory

Objection to the granting by the Takeover Regulation Panel of an exemption from the requirement to make a mandatory

CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN     ISIN: ZAE000102067
(“ConvergeNet” or the “Company”)

OBJECTION TO THE GRANTING BY THE TAKEOVER REGULATION PANEL OF AN
EXEMPTION FROM THE REQUIREMENT TO MAKE A MANDATORY OFFER

Shareholders are referred to the SENS announcement dated 19 March
2013, wherein shareholders were advised that the Takeover
Regulation Panel (“TRP”) had issued a ruling (“Ruling”) in which
it exempted Yellow Star Group (Proprietary) Limited from the
requirement in Regulation 86(4) of the Takeover Regulations to the
Companies Act, 71 of 2008, to make a mandatory offer to the
remaining   shareholders   of  the   Company.   The   circumstances
surrounding the requirement to make the mandatory offer and the
application for the exemption that was subsequently granted by the
TRP have been fully traversed in previous SENS announcements, as
well as in the circular to shareholders dated 12 February 2013.

The SENS announcement of 19 March 2013 also advised shareholders
that any request to appeal or review the Ruling would need to
reach the TRP by no later than 17h00 on Tuesday, 26 March 2013.

Shareholders are advised that an application to appeal the Ruling
has been lodged with the TRP. The Company intends to oppose the
appeal and will keep shareholders informed of all developments in
this regard.

Centurion
28 March 2013

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

Corporate Adviser
AfrAsia Corporate Finance Proprietary Limited

Legal Adviser
Werksmans Attorneys

Date: 28/03/2013 03:29:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.