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CVN - Convergenet Holdings Limited - Update on mandatory offer, salient dates and withdrawal of cautionary announcement CONVERGENET HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 1998/015580/06) Share code: CVN ISIN: ZAE000102067 ("ConvergeNet" or "the company") UPDATE ON MANDATORY OFFER, SALIENT DATES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT UPDATE ON MANDATORY OFFER Following the publication of the revised firm intention announcement of a mandatory offer at 26 cents per share on 12 March 2012 and the cautionary announcement published on 27 February 2012 to ConvergeNet minority shareholders, shareholders are advised that the Company has prepared a response circular in relation to the mandatory offer and in compliance with the Companies Act, 2008 (Nr 71 of 2008) ("the Act") which response circular, together with a fair and reasonable opinion contained therein, prepared by an independent expert, in accordance with regulation 90 of the Act which opinion states that the terms and conditions of the mandatory offer, based on quantitative considerations, are unfair to the ConvergeNet shareholders and based on qualitative factors, are reasonable to the ConvergeNet shareholders will be posted to ConvergeNet shareholders on 19 April 2012. SALIENT DATES OF THE MANDATORY OFFER As contained in the response circular to be issued to ConvergeNet shareholders on 19 April 2012, the following salient dates should be noted: 2012 Mandatory offer opened Tuesday, 20 March ConvergeNet`s response circular to the offer Thursday, 19 April circular posted to shareholders on Last day to trade (LDT) in ordinary shares in Friday, 4 May order to settle by the record date and to qualify to participate in the offer on Ordinary shares commence trading ex-rights on the Monday, 7 May JSE at 09:00 on Record date to determine which shareholders are Friday, 11 May eligible to accept the offer Mandatory offer closes Friday, 11 May Result of mandatory offer released on SENS on Monday, 14 May Offer consideration credited to the offer Monday, 14 May participant`s accounts at his CSDP or stockbroker (as the case may be) in cases where the shares surrendered in terms hereof are held by such CSDP or stockbroker as nominee for the offer participant on Cheques posted to or credited to the bank accounts Monday, 14 May of the offer participants (who hold their shares in their own names) at the offer participant`s own risk, in settlement of the offer consideration (subject to receipt by the transfer secretaries of the relevant share certificates) on Results of the mandatory offer published in the Tuesday, 15 May press on Notes: These dates and times are subject to change. Any such change will be published on SENS and in the press. All times in this circular are South African local times. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT The cautionary announcement in relation to the above-mentioned mandatory offer is now withdrawn. Johannesburg 17 April 2012 Sponsors Arcay Moela Sponsors (Pty) Ltd Date: 17/04/2012 15:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
