BIDVEST TO ACQUIRE CONTROLLING STAKE IN IT NETWORK PROVIDER I-FUSION

THE BIDVEST GROUP LIMITED

BIDVEST TO ACQUIRE A CONTROLLING STAKE IN IT NETWORK PROVIDER I-FUSION
* BIDVEST WILL ACQUIRE A MINIMUM OF 60% OF I-FUSION

* TOTAL CONSIDERATION, SUBJECT TO CONDITIONS AND ACCEPTANCE, IS BETWEEN R63,3M
AND R135M

* I-FUSION TO PROVIDE THE BIDVEST GROUP WITH A COMMON COMPUTER NETWORKING
PLATFORM

* BIDVEST WILL BE ABLE TO LEVERAGE ITS IT NETWORK INFRASTRUCTURE FOR THE
DEVELOPMENT OF E-COMMERCE ACTIVITIES FOR THE MARKET AT LARGE.

BIDVEST GROUP CHAIRMAN, BRIAN JOFFE, SAID: "BIDVEST HAS POTENTIALLY ONE OF THE
LARGEST IT NETWORKS IN SOUTH AFRICA. I-FUSION IS ONE OF THE LEADING IT SERVICES
COMPANIES IN THE COUNTRY.  WE SEE THE COMBINATION OF BIDVEST'S RESOURCES WITH
I-FUSION'S TECHNICAL CAPABILITY AS CREATING A FORCE IN THE RAPIDLY DEVELOPING
BUSINESS-TO-BUSINESS E-COMMERCE ARENA.
15TH MAY 2000
ENQUIRIES:

THE BIDVEST GROUP LIMITED                  TEL:  + 27 (0) 11 481 4129
BRIAN JOFFE, CHAIRMAN

JACK HOCHFELD, GROUP CORPORATE FINANCE     TEL:  + 27 (0) 11 481 4103

                                           CELL: + 27 (0) 82 459 7051

COLLEGE HILL JOHANNESBURG                  TEL:  + 27 (0) 11 447 3030

TOM ALLISON                                CELL: + 27 (0) 82 466 5016

BIDVEST TO ACQUIRE A CONTROLLING STAKE IN IT NETWORK PROVIDER I-FUSION
THE BIDVEST GROUP LIMITED, HAS ANNOUNCED THAT IT IS TO ACQUIRE A CONTROLLING
STAKE IN JOHANNESBURG STOCK EXCHANGE LISTED IT NETWORK PROVIDER I-FUSION.  THE
TOTAL CONSIDERATION OF BETWEEN R63,3 MILLION AND R135 MILLION, WILL DEPEND ON
THE LEVEL OF ACCEPTANCES AND I-FUSION'S EARNINGS AND THE RESULTING "AGTERSKOT"
THE TERMS OF THE OFFER ARE TWOFOLD; I-FUSION SHAREHOLDERS ARE BEING OFFERED
EITHER AN UPFRONT CASH PAYMENT OF 70 CENTS A SHARE, WITH THE PAYMENT OF A
FURTHER 80 CENTS A SHARE - CONTINGENT ON I-FUSION ACHIEVING EARN OUT TARGETS OF
24 CENTS A SHARE FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2001 (THE OFFER WILL
BE ADJUSTED ON A PRO RATA BASIS FOR EARNINGS OF BETWEEN 15 CENTS PER SHARE AND
24 CENTS A SHARE); OR, A FLAT CASH OFFER OF 100 CENTS A SHARE WITH NO

"AGTERSKOT". IN ADDITION, BIDVEST WILL BE SUBSCRIBING FOR R50M NEW I-FUSION
SHARES AT 70 CENTS EACH.

THE NET EFFECT OF THE TRANSACTION IS THAT BIDVEST WILL EMERGE WITH A MINIMUM OF
60% OF I-FUSION.  IT WAS NECESSARY FOR I-FUSION TO INTRODUCE A STRATEGIC
CONTROLLING SHAREHOLDER THAT IS ABLE TO ADD VALUE TO THE CURRENT AND FUTURE
OPERATIONS OF I-FUSION.  THE BIDVEST RECAPITALISATION OF I-FUSION WILL ENABLE
I-FUSION TO TAKE ADVANTAGE OF THE CONSOLIDATION TAKING PLACE IN THE IT INDUSTRY
THE BIDVEST GROUP LIMITED, WHICH OWNS A WIDE RANGE OF BUSINESSES OPERATING IN
THE FIELDS OF DISTRIBUTION, SERVICE, FREIGHT, TRADING AND LIGHT MANUFACTURING -
EACH WITH THEIR OWN IT NETWORK INFRASTRUCTURE - PLANS TO USE I-FUSION'S
EXPERTISE TO PROVIDE A COMMON COMPUTER NETWORKING PLATFORM ACROSS THE GROUP.
ONCE THIS PLATFORM IS IN PLACE, THE GROUP PLANS TO  LEVERAGE ITS VAST IT
NETWORK INFRASTRUCTURE TO PROVIDE A BASE FOR THE DEVELOPMENT OF ITS E-COMMERCE
ACTIVITIES FOR THE BENEFIT OF GROUP COMPANIES AND THEIR  CUSTOMERS, AS WELL AS
THE MARKET AT LARGE.
BIDVEST GROUP CHAIRMAN, BRIAN JOFFE, COMMENTS:

"BIDVEST HAS POTENTIALLY ONE OF THE LARGEST IT NETWORKS IN SOUTH AFRICA.
I-FUSION IS ONE OF THE LEADING IT SERVICES COMPANIES IN THE COUNTRY.  WE SEE
THE COMBINATION OF BIDVEST'S RESOURCES WITH I-FUSION'S TECHNICAL CAPABILITY AS
CREATING A FORCE IN THE RAPIDLY DEVELOPING BUSINESS-TO-BUSINESS E-COMMERCE
ARENA.

"BIDVEST IS UNDENIABLY A MAJOR PLAYER IN THE DISTRIBUTION BUSINESS IN SOUTH
AFRICA. IT IS ALSO ONE OF THE FEW DISTRIBUTION COMPANIES WITH THE CRITICAL MASS
COMBINED WITH AN INTERNATIONAL DISTRIBUTION CAPABILITY. WE SEE THE EMERGENCE OF
E-BUSINESS AS A MAJOR OPPORTUNITY TO USE BIDVEST'S IT AND DISTRIBUTION BASE TO
CREATE A TRULY INTEGRATED DISTRIBUTION, IT AND E-COMMERCE BUSINESS.

"THE I-FUSION INFRASTRUCTURE WILL GIVE BIDVEST THE OPPORTUNITY TO CREATE AN
UNPARALLELED NETWORK, HARNESS BIDVEST'S IT EXPERTISE AND TO CREATE A PLATFORM
AND BASE FOR ONGOING E-COMMERCE AND INTERNET CAPABILITIES."

THE STRATEGIC INTENTION, SAYS JOFFE, IS TO ULTIMATELY CREATE A DYNAMIC, LISTED,
IT COMPONENT TO BIDVEST'S SPREAD OF BUSINESSES WHICH NOT ONLY ADDS VALUE TO
EXISTING GROUP BUSINESSES, BUT, GIVEN ACCESS TO BIDVEST BUSINESS VOLUMES AND
CRITICAL MASS, WILL BE A PROFIT CENTRE IN ITS OWN RIGHT.  THE RECENT GRANTING
TO BIDVEST OF A BANKING LICENCE, COMBINED WITH ITS EXISTING OPERATIONS IN
FREIGHT, LOGISTICS, DISTRIBUTION, IT AND E-COMMERCE WILL ADD CONSIDERABLY TO
THE TRANSACTION.

JOFFE SAYS THE CORE SKILLS WITHIN I-FUSION ARE CONGRUENT WITH WHAT THE BIDVEST
GROUP REQUIRES TO STANDARDISE AND UPGRADE ITS IT NETWORK INFRASTRUCTURE. ALSO,
THE NATIONAL SPREAD OF I-FUSION AND BIDVEST BUSINESS UNITS MAKES THE TWO
BUSINESSES GEOGRAPHICALLY COMPATIBLE.

"WE WILL BE LOOKING FOR MAJOR COST SAVINGS THROUGHOUT THE GROUP THROUGH THIS
INITIATIVE," SAYS JOFFE. "WE EXPECT ALL OF OUR BUSINESS UNITS TO BE

STANDARDISED BY NETWORK SYSTEMS AND INFRASTRUCTURE AND E-COMMERCE ENABLED BY
THE END OF THE YEAR."

ADDS JOFFE: "BIDVEST IS ESSENTIALLY A SERVICE AND DISTRIBUTION BUSINESS.
ACCELERATING TECHNOLOGY TRENDS IS LEADING TO A FORM OF DISINTERMEDIATION
BETWEEN OUR BUSINESS UNITS AND THEIR CUSTOMERS. DEVELOPING A WORLD-CLASS IT
NETWORK THAT IS E-COMMERCE ENABLED WILL ALLOW US TO RETAIN THE EXISTING CLOSE
RELATIONSHIP WE HAVE WITH OUR CUSTOMERS AS WE GO FORWARD. STRATEGICALLY, TODAY
ONE HAS TO STAY ABREAST OF TECHNOLOGICAL DEVELOPMENTS IF ONE WANTS TO BE A
WINNING COMPANY."
- ENDS -