CONVERGENET HOLDINGS LIMITED - Takeover Special Committee ruling on the waiver of a mandatory offer

Takeover Special Committee ruling on the waiver of a mandatory offer

CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN     ISIN: ZAE000102067
(“ConvergeNet” or the “Company”)

TAKEOVER SPECIAL COMMITTEE RULING ON THE WAIVER OF A MANDATORY
OFFER

Shareholders are referred to the SENS announcement dated 11 April
2013, wherein shareholders were advised that the application to
appeal a ruling issued by the Takeover Regulation Panel (“TRP”) in
which it exempted Yellow Star Group Proprietary Limited (“Yellow
Star”) from the requirement in Regulation 86(4) of the Takeover
Regulations to the Companies Act, 71 of 2008, to make a mandatory
offer to the remaining shareholders of the Company would be heard
by the Takeover Special Committee (“TSC”) on 30 April 2013.

The Company is pleased to announce that the TSC confirmed the
TRP’s ruling and, accordingly, Yellow Star has been granted an
exemption from the requirement to make a mandatory offer.

The Company will proceed with the application to list the shares
due to Yellow Star and conclude the acquisition of the remaining
25% of the shares of Sizwe Africa IT Group Proprietary Limited.


Centurion
16 May 2013

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

Corporate Adviser
AfrAsia Corporate Finance Proprietary Limited

Legal Adviser
Werksmans Attorneys

Date: 16/05/2013 02:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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