Telkom For Me Telkom For My Business

News


Joint update announcement: Acquisition by Telkom of the entire issued share capital of BCX

Unless defined herein, terms used in this announcement shall bear the same meaning as defined in the circular published by BCX on 11 July 2014 ("Circular").

We wish to inform shareholders of BCX and Telkom (“Shareholders”) that the Competition Tribunal of South Africa has approved the acquisition by Telkom of the entire issued share capital of BCX with conditions, which conditions are acceptable to Telkom and BCX.

The last remaining condition precedent to the Proposed Transaction is the issue of a compliance certificate by the Takeover Panel in terms of section 119(4)(b) of the Companies Act, which the parties will approach the Takeover Panel on in due course.

Shareholders will be advised on SENS of progress made in respect of the remaining conditions precedent and a finalisation announcement will be made in due course. Upon fulfilment of the remaining condition precedent, the Affected Transaction Call Option shall become unconditional and the provisions of paragraph 6.4.2 of the Circular shall not be applicable.

BCX Telkom
Midrand Pretoria
4 August 2015 4 August 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