BCX / Telkom - Results of the Court Hearing to Sanction the BCX Scheme

BCX / Telkom - Results of the Court Hearing to Sanction the BCX Scheme          
Business Connexion Group Limited                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1988/005282/06)                                            
Share code: BCX & ISIN: ZAE000054631                                            
("BCX")                                                                         
Telkom SA Limited                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1991/005476/06)                                            
Share code: TKG & ISIN: ZAE000044897                                            
("Telkom")                                                                      
RESULTS OF THE COURT HEARING TO SANCTION THE BCX SCHEME                         
1.   RESULTS OF THE HEARING                                                     
     Further to the announcement released on the Securities Exchange News       
     Service ("SENS") of the JSE Limited on Monday, 12 June 2006 and in the     
press on Tuesday, 13 June 2006, shareholders of BCX are advised that:      
     1.1  The scheme of arrangement ("the scheme") in terms of section 311 of   
          the Companies Act, 1973, as amended, proposed by Telkom between BCX   
          and its shareholders, has been sanctioned by the High Court of South  
Africa (Witwatersrand Local Division) ("the Court") on Tuesday, 20    
          June 2006. The order sanctioning the scheme is subject to the         
          Competition Authorities approving the proposed acquisition in terms of
          the Competition Act, 1998 (Act 89 of 1998), by 15 December 2006 or    
such later date as may be agreed between BCX and Telkom.              
     1.2  The scheme is still subject to the fulfillment of the conditions      
          precedent set out in paragraph 2 below, but once the scheme becomes   
          operative, scheme participants will be entitled to receive 900 cents  
for every scheme share held on the record date for the scheme. Telkom 
          has furthermore agreed to BCX paying a dividend of 25 cents per BCX   
          share prior to the implementation of the scheme.                      
2.   CONDITIONS PRECEDENT                                                       
The remaining outstanding conditions precedent to the scheme are the       
     registration of the Order of Court sanctioning the scheme by the Registrar 
     of Companies and the approval by the Competition Authorities of the        
     proposed acquisition as outlined in paragraph 1.1 above.                   
3.   FURTHER ANNOUNCEMENTS                                                      
     Further announcements regarding the final salient dates and times of the   
     scheme and details of the surrender procedure for scheme shares, will be   
     released on SENS and published in the press in due course.                 
Sandton                                                                         
20 June 2006                                                                    
Investment Bank to BCX       Attorneys to BCX and the    Financial advisor and  
                             scheme                      sponsor to Telkom      
(Investec Corporate          (Cliffe Dekker Inc)         (UBS)                  
Finance)                                                                        
Transaction sponsor          Reporting accountants and   Attorneys to Telkom    
                             auditors                                           
(Investec Bank)              (Deloitte & Touche)         (Werksmans Inc.)       
Sponsor to BCX               Independent advisor to BCX                         
                             board of directors                                 
(Rand Merchant Bank (A       (Deloitte & Touche                                 
division of FirstRand Bank   Corporate Finance)                                 
Limited))                                                                       
Date: 20/06/2006 04:36:06 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department