I-FUSION/BIDVEST

I-FUSION - RESULTS OF GENERAL MEETING
I-FUSION HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 83/13542/06)
("I-FUSION")
THE BIDVEST GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/21180/06)
("BIDVEST")

ANNOUNCEMENT REGARDING THE RESULTS OF THE I-FUSION GENERAL MEETING
1. INTRODUCTION

FURTHER TO THE ANNOUNCEMENTS DATED 15 MAY 2000 AND 15 JUNE 2000 AND THE
CIRCULAR DATED 15 JUNE 2000, INVESTEC BANK LIMITED IS AUTHORISED TO ANNOUNCE
THAT ON FRIDAY, 7 JULY 2000, A GENERAL MEETING OF I-FUSION SHAREHOLDERS ("THE
GENERAL MEETING") WAS HELD TO APPROVE, INTER ALIA, THE FOLLOWING:
* THE AMENDMENT OF THE ARTICLES OF ASSOCIATION;

* THE CANCELLATION AND THE REDUCTION OF SHARE CAPITAL;

* THE REDUCTION OF THE PAR VALUE OF I-FUSION SHARES;
* THE INCREASE IN AUTHORISED SHARE CAPITAL;

* THE AMENDMENT OF THE I-FUSION SHARE INCENTIVE SCHEME;

* THE APPOINTMENT OF ADDITIONAL DIRECTORS TO THE BOARD OF I-FUSION; AND
* THE SPECIFIC ISSUE OF SHARES FOR CASH,

PURSUANT TO THE OFFER BY BIDVEST TO ACQUIRE ALL OR A PORTION OF THE ISSUED
SHARES OF I-FUSION ("THE OFFER") (COLLECTIVELY, "THE TRANSACTIONS").
2. RESULTS OF GENERAL MEETING

ALL RESOLUTIONS PROPOSED AT THE GENERAL MEETING WERE PASSED BY THE I-FUSION
SHAREHOLDERS PRESENT OR REPRESENTED AT THE GENERAL MEETING. THE SPECIAL
RESOLUTIONS REQUIRED TO IMPLEMENT THE AMENDMENT OF THE ARTICLES OF ASSOCIATION,
THE CANCELLATION AND THE REDUCTION OF SHARE CAPITAL AND THE REDUCTION OF THE
PAR VALUE OF I-FUSION SHARES WILL BE LODGED WITH THE REGISTRAR OF COMPANIES FOR
REGISTRATION, ONCE THE APPROVAL OF THE COMPETITION COMMISSION HAS BEEN RECEIVED
FOR THE TRANSACTIONS.
3. COMPETITION COMMISSION APPROVAL

AS INDICATED IN THE CIRCULAR TO I-FUSION SHAREHOLDERS DATED 15 JUNE 2000, THE
IMPLEMENTATION OF THE TRANSACTIONS ARE SUBJECT TO THE NECESSARY APPROVAL BY THE
COMPETITION COMMISSION.

A FURTHER ANNOUNCEMENT REGARDING THE RECEIPT OF THE COMPETITION COMMISSION
APPROVAL AND THE REVISED SALIENT DATES AND TIMES OF THE OFFER WILL BE PUBLISHED
IN DUE COURSE.
JOHANNESBURG
11 JULY 2000
MERCHANT BANK
INVESTEC CORPORATE FINANCE
INVESTEC BANK LIMITED
(REGISTRATION NUMBER 1969/004763/06)
SPONSORING BROKERS
INVESTEC SECURITIES LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NO. 1972/008905/06
MERRILL LYNCH SOUTH AFRICA (PTY) LTD
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NUMBER 1995/001805/07
SG SECURITIES (JOHANNESBURG) (PROPRIETARY) LIMITED
REG. NO. 96/05841/07
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
AUDITOR TO I-FUSION
KPMG
REGISTERED CHARTERED ACCOUNTANTS (SA)
INDEPENDENT ADVISER TO I-FUSION
BARNARD JACOBS MELLET * SECURITIES (PTY) LTD.
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
(REGISTRATION NUMBER 1987/000175/07)
ATTORNEYS TO I-FUSION
WEBBER WENTZEL BOWENS
ATTORNEYS TO BIDVEST
WERKSMANS ATTORNEYS