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BK ONE LIMITED - Amendment to agreement - BK1P

Release Date: 02/08/2013 16:00
Code(s): BK1P     PDF:  
Wrap Text
Amendment to agreement - BK1P

BK One Limited
Incorporated in the Republic of South Africa
Registration Number: 2011/008103/06
Preference Share Code: BK1P
ISIN: ZAE000161352
“BK One” or “the Company”


Amendment to agreement


1 Introduction
BK One preference shareholders (“Shareholders”) are referred to the announcements published by the Company
on the Securities Exchange News Service (“SENS”) on 8 November 2012, 2 April 2013 and 3 May 2013(the
“Previous Announcement(s)”) in which Shareholders were informed that the BK One had entered into an
assignment and option agreement (“the Option Agreement”) with Isitsaba Investment Group (Pty) Limited (“IIG”).
In terms of the Option Agreement, the Company is entitled to acquire the assets of IIG at a pre-determined price,
should IIG not achieve certain criteria, as more fully set-out in the Previous Announcement.

The Company, in consultation with IIG, continues to assess the appropriate strategy for the Company and its
investee companies and has therefore decided, by mutual agreement with IIG, to extend the duration of the
Option Agreement until 31 August 2013, from 31 July 2013 as previously agreed and communicated on SENS.

2 Terms of the extension
The terms of the Option Agreement remain unchanged except for the extension of the option date to 31 August
2013 from 31 July 2013.

3 Rationale for the extension
The board of directors of the Company (“the Board”) remains firmly of the view that Shareholders’ value is
enhanced by ultimately ensuring that the Company’s existing investee companies, which it is co-invested in with
IIG, are managed as a single unit with a single, dedicated, management team. Consequently, in order to ensure
that due consideration has been given to the various strategic alternatives available to the Company; the Board
has decided that it is appropriate to extend the Option Agreement by one month.

4 Regulatory approvals and conditions precedent
The extension is unconditional.


Cape Town
02 August 2013


Investment Bank, Corporate Advisor and Debt Sponsor to BK One

Nedbank Capital, a division of Nedbank Limited

Date: 02/08/2013 04:00:00 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
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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,
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