To view the PDF file, sign up for a MySharenet subscription.

THE BIDVEST GROUP LIMITED - Announcement regarding the fulfilment of suspensive condition and changes to the board of directors

Release Date: 23/05/2016 13:03
Code(s): BVT     PDF:  
Wrap Text
Announcement regarding the fulfilment of suspensive condition and changes to the board of directors

The Bidvest Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021180/06
Share code: BVT ISIN ZAE 000117321
(“Bidvest”)

Announcement regarding:

  - Fulfilment of suspensive condition; and
  - Changes to the Board of directors

Fulfilment of Suspensive Condition

Shareholders of Bidvest (“Shareholders”) are referred to the
announcement released on the Stock Exchange News Service on
April 14 2016 and published in the press on April 15 2016 in
relation to the proposed listing and subsequent unbundling by
Bidvest of its foodservices business on the main board of the
JSE Limited (“the Unbundling”).

Shareholders are advised that the final suspensive condition in
terms of the Unbundling, requiring Bidvest to obtain a compliance 
certificate from the Takeover Regulation Panel in terms of section 
121(b)(i) of the Companies Act, No.71 of 2008, as amended, has now 
been fulfilled.

Changes to the Board of directors

Shareholders are further advised as a consequence of the
Unbundling and in terms of paragraph 3.59 of the Listings
Requirements of the JSE Limited, the following changes to the
board of directors of Bidvest (“Board”) are made:

  - The retirement of Mr Brian Joffe as Chief Executive of
    Bidvest. Mr Joffe will continue to serve on the Board as 
    a non-executive director;
  - The appointment of Mr Lindsay Peter Ralphs as Chief
    Executive of Bidvest;
  - The resignation of Mr Bernard Larry Berson as executive
    director; and
  - The resignation of Mr David Edward Cleasby and the
    appointment of Mr Hans Peter Meijer, as an executive
    director and Group Financial Director.

The above changes to the Board are effective from May 23 2016.

The Board pays special tribute and thanks to Brian Joffe for his
role as Bidvest's founder and for his leadership for 28 years.
The Board also expresses its sincere thanks to Messrs Berson and
Cleasby for their contributions to Bidvest.
Congratulations are extended to Messrs Ralphs and Meijer on
their new appointments. The Board has confidence that under
Lindsay Ralphs' leadership, the executive directors and senior
management team will lead Bidvest with success and distinction
in the future.


Johannesburg
May 23, 2016

Financial advisor and transaction sponsor
The Standard Bank of South Africa Limited


Sponsor

Investec Bank Limited

Date: 23/05/2016 01:03:00 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
 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.

Share This Story