The Bidvest Group Limited - Approval of Acquisition Of Interest In Jacobs

The Bidvest Group Limited
Share Code(s): BVT
ISIN:          ZAE000008132
Press release
03 January 2002

Approval of Acquisition of Interest in Jacobs Holdings Plc ("Jacobs")
JACOBS HOLDINGS PLC

Result of Extraordinary General Meeting including change of name to Bidcorp
Plc

On 23 November 2001, Jacobs announced that it had entered into a conditional
agreement with The Bidvest Group Limited and its wholly owned subsidiary,
Bid Services Division Limited, to raise approximately  30 million for the
Company before expenses.

Earlier today at the Extraordinary General Meeting, Jacobs' shareholders
approved, inter alia, all of the resolutions to allow the Subscription to
proceed and the name of the Company to be changed to Bidcorp Plc.

The Subscription and the change of name remain conditional only upon

Admission of the Subscription Shares and the Option Shares, which is

expected to take place on 3 January 2002.  The change of name is expected to
become effective on that date.

As described in the Company's circular dated 10 December 2001, immediately
following Completion, Sir Wilfrid Newton, Michael Blackburn and David Curtis
will step down from the board of Jacobs and Brian Joffe, Ian Spry, Mark
Stafford, David Winduss, Stephen Bender, Rodger Graham, Joe Pamensky,
Lindsay Ralphs and David Rosevear will be appointed to the Board.

13,685,191 Existing Shares were successfully tendered under the Tender
Offer.  As a result, under the terms of the Subscription Agreement,

5,203,697 New Shares will be issued to the Tender Offer Subscribers and a
further 6,809,367 New Shares will be issued to Bid Services Division

Limited.  These 12,013,064 New Shares are expected to be admitted to the
Official List and to trading on the London Stock Exchange's market for
listed securities on 10 January 2002.

Following the issue of all of the New Shares referred to above, Bid Services
Division Limited will hold 140,698,245 Ordinary Shares, representing

approximately 56.7 percent of the enlarged issued share capital of Jacobs.
Further to the disclosures made in the listing particulars dated 10 December
2001, the following proposed directors of Jacobs will be interested in the
share capital of Jacobs as follows:
    Director                 No. of        % of
                             Ordinary      issued
                             Shares*       share

                                           capital
    Brian Joffe              800,000       0.32
    Lindsay Ralphs           222,222       0.09
    David Rosevear           160,000       0.06
    Rodger Graham            44,444        0.02

* these holdings exclude the above directors' interest in the holding of Bid
Services Division Limited, a company to which they are related as directors
of The Bidvest Group Limited.

Definitions used in the circular and the listing particulars dated 10
December 2001 have the same meaning in this announcement.
03 January 2002
Enquiries:
Jacobs Holdings Plc

Michael Kingshott,              Tel: + 44 20 7408 0123
Managing Director

The Bidvest Group Limited       Tel: +27 (0) 11 481-4100

Brian Joffe, Chairman           Cell: 082 441 2957

Jack Hochfeld, Group Corporate  Tel: +27 (0) 11 481-4103

Finance and Investor Relations  Cell: 082 459 7051

Investec Henderson Crosthwaite  Tel: +44 20 7597 5970
James Grace, Director
Derek Rawlings, Assistant Director

College Hill London             Tel: +44 20 7457 2020
Gareth David
email: gareth.david@collegehill.com

College Hill Johannesburg       Tel: +27(011)447 3030
Nick Elwes
Robyn Hunt