TELKOM SA SOC LIMITED - BCX\TKG - Joint update announcement: Acquisitin by Telkom of entire issued share capital of BCX

Release Date: 30/04/2015 12:40
Code(s): TKG BCX
 
Wrap Text
BCX\TKG - Joint update announcement: Acquisitin by Telkom of entire issued share capital of BCX

      BUSINESS CONNEXION GROUP LIMITED                        TELKOM SA SOC LIMITED
   (Incorporated in the Republic of South Africa)     (Incorporated in the Republic South Africa)
       (Registration number 1988/005282/06)              (Registration number 1991/005476/30)
                   JSE code: BCX                                     JSE code: TKG
               ISIN: ZAE0000154631                                ISIN: ZAE000044897
            ("BCX" or the "Company")                                   ("Telkom")




JOINT UPDATE ANNOUNCEMENT: ACQUISITION BY TELKOM OF THE ENTIRE ISSUED SHARE CAPITAL OF BCX


1. INTRODUCTION

   Unless defined, terms used in this announcement shall bear the meaning ascribed to them in the
   circular published by BCX on 11 July 2014 (“Circular”).

   Shareholders of BCX and Telkom (“Shareholders”) are referred to the various announcements
   released on the Stock Exchange News Service of the JSE Limited ("JSE") regarding the
   Proposed Transaction.

2. UPDATE ON REGULATORY APPROVALS

   The following regulatory approvals remain outstanding:
   - The Competition Authorities of South Africa; and
   - to the extent required, The Independent Communications Authority of South Africa (ICASA).

   Upon receipt of the above approvals, final approval of the Proposed Transaction will be sought
   from the Takeover Regulation Panel.

3. AMENDMENT TO THE IMPLEMENTATION AGREEMENT

   Shareholders are further advised that the Implementation Agreement, as amended by addenda;
   has been further amended to extend the Long Stop Date from 30 April 2015 to 31 May 2015.


Midrand
30 April 2015


Investment bank and corporate advisor to BCX: Investec Bank Limited
Transaction sponsor to BCX: Investec Bank Limited
Investment bank and corporate advisor to Telkom: Absa Bank Limited
Transaction sponsor to Telkom: Absa Bank Limited
Legal advisor to BCX and Telkom: Edward Nathan Sonnenbergs Incorporated
Sponsor to BCX: One Capital Sponsor Services (Proprietary) Limited
Sponsor to Telkom: The Standard Bank of South Africa Limited

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