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Bidvest/ Dinatla/ BidBEE - Salient dates and times The Bidvest Group Limited (Incorporated in the Republic of South Africa) (Registration number 1946/021180/06) Share code: BVT ISIN: ZAE000050449 ("Bidvest") Dinatla Investment Holdings (Pty) Limited (Incorporated in the Republic of South Africa) (Registration number 2003/023927/07) ("Dinatla") BidBEE Limited (Incorporated in the Republic of South Africa) (Registration number 2003/01886/06) Share code: BDE ISIN: ZAE000050423 ("BidBEE") Salient dates and times relating to the settlement by Dinatla of its indebtedness to BidBEE and the settlement of the BidBEE securities holders Introduction Shareholders are referred to: - the scheme of arrangement approved by Bidvest shareholders in 2003 as proposed by Dinatla between Bidvest and the holders of ordinary shares in Bidvest (other than BB Investment Company (Proprietary) Limited), to which BidBEE was a party ("the scheme"), pursuant to which Dinatla acquired approximately 15% of the issued share capital of Bidvest; and - the announcement by Bidvest, Dinatla and BidBEE dated September 26 2006 advising shareholders of the refinancing by Dinatla of its indebtedness to BidBEE ("the Dinatla indebtedness") arising pursuant to the scheme. The Dinatla indebtedness In terms of the scheme, Dinatla has an obligation to settle the Dinatla indebtedness prior to or on December 12 2006 ("the specified date"). The amount of the Dinatla indebtedness is based on a rolling 14-day traded volume weighted average price ("VWAP") of the Bidvest shares immediately preceding the specified date but subject to a maximum of R60.00 per Bidvest share and a minimum of R42 per Bidvest share. Based on the anticipation that the 14-day traded VWAP per Bidvest share does not fall below R60 per share, the amount of the Dinatla indebtedness which will be settled by Dinatla to BidBEE is R2,7 billion, being 45 million Bidvest shares multiplied by the maximum price of R60.00 per share. Obligations of BidBEE In terms of the scheme, BidBEE is obliged to pay each securities holder ("BidBEE securities holder") the pro rata portion of the settlement received by BidBEE in settlement of or pursuant to the Dinatla indebtedness as soon as possible after receipt of such distribution. In terms of this obligation and based on the anticipated receipt by BidBEE of a total of R2,7 billion on the specified date, BidBEE will distribute to BidBEE securities holders an amount of R60.00 per BidBEE security ("the BidBEE distribution") in accordance with the salient dates and times in paragraph 4 below. Salient dates and times relating to the settlement by Dinatla of its indebtedness to BidBEE 2006
Last day to trade BidBEE securities in Friday, December 1 order to participate in the BidBEE distribution Listing of BidBEE securities suspended on Monday, December 4 the JSE from the commencement of business Record date ("the record date") on which Friday, December 8 BidBEE securities holders must be recorded in the register in order to participate in the BidBEE distribution Settlement by Dinatla of the Dinatla Tuesday, December 12 indebtedness to BidBEE BidBEE securities holders recorded in the Thursday , December 14 register on the record date settled from the commencement of business Listing of BidBEE securities terminated on Friday, December 15 the JSE BidBEE securities may not be dematerialised or rematerialised after Friday, December 1 2006. By order of the Board Johannesburg November 10 2006 Lead sponsor Joint sponsor Investec Bank Limited Deutsche Securities (Pty) Limited Date: 13/11/2006 07:47:45 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
