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BCX/TKG - Update on Telkom`s proposed acquisition of all the issued share capital of BCX 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") Update on Telkom`s proposed acquisition of all the issued share capital of BCX ("the proposed acquisition") Shareholders are referred to the joint announcement released on 20 November 2006 in which the recommendation by the Competition Commission to the Competition Tribunal was disclosed. It was further stated that the closing date for the fulfilment of all conditions precedent, as set out in the Scheme of Arrangement entered into between Telkom and the BCX shareholders which was issued on 19 May 2006 ("the Scheme"), being 15 December 2006 unless extended by agreement between the boards of BCX and Telkom. The proposed acquisition remains subject to the Competition Authorities approving the proposed acquisition in terms of the Competition Act, 1998 (Act 89 of 1998) as amended, either unconditionally or subject to such conditions as may be acceptable to Telkom. The boards of directors of Telkom and BCX have agreed to extend the date by which all conditions precedent to the Scheme have to be fulfilled from 15 December 2006 to 15 March 2007, unless further extended by agreement between Telkom and BCX. A further announcement will be made in due course. Johannesburg 14 December 2006 Financial advisor to BCX: Investec Corporate Finance Financial advisor and sponsor to Telkom: UBS South Africa (Pty) Limited Transaction sponsor to BCX: Investec Bank Limited Attorneys to Telkom: Werksmans Inc. Attorneys to BCX: Cliffe Dekker Inc. Sponsor to BCX: Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 14/12/2006 11:45:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.
