Bidvest’s 30-year growth story is testament to the long-term success of its strategy: To acquire
homegrown South African businesses and develop entrepreneurial leaders to run the decentralised operating model that generates wealth, creates jobs and makes meaningful contributions to society. This long-term thinking extends to good governance in planning the future leadership at Bidvest.
With this in mind, the Bidvest board has deemed it timeous and appropriate to today appoint Mpumi Madisa as Chief Executive – designate. This is consistent with a comprehensive succession plan that was developed and has been executed over the past several years to specifically mentor and continue her preparation for the CE role.
Lindsay Ralphs will continue as the Group Chief Executive until the 2021 financial year, and Mpumi will work closely with Lindsay to ensure a smooth transition.
Mpumi first joined Bidvest in 2003 and has, over the past number of years, held several key and strategic leadership roles at subsidiary, divisional and Group level. Mpumi is an Executive Director on the Bidvest Group board and holds other external non-executive director roles, including at Adcock Ingram and Business Leadership SA.
Lindsay Ralphs commented, “I am delighted that Mpumi has accepted this role. One of our key priorities is developing the next generation of leaders and Mpumi is the perfect example of this. Her exceptional leadership skills and depth of experience will ensure continuity for all Bidvest stakeholders and the Bidvest family”.
The shareholders of Bidvest Namibia are informed that on 10 April 2019, Bidvest Namibia received a Binding Conditional Offer (“”Offer”) from Bidvest Group, the majority shareholder of Bidvest Namibia, to acquire all of the shares held by the minority shareholders in Bidvest Namibia (“Bidvest Namibia Shareholders”) at 10.50 per share, which Offer will be subject to inter alia the successful passing of the De-listing Resolution as set out in the conditions, together with the take-over statement and Offer amounts to a takeover scheme.
Shareholders of Bidvest Namibia are informed that Bidvest Namibia has received a intended binding offer from Bidvest Group, the majority shareholder of Bidvest Namibia, in terms of which Bidvest Group intends to make an offer to acquire all of the outstanding ordinary shares in Bidvest Namibia not currently held by Bidvest Group, by way of a take-over scheme. The amount offered in terms of the Intended Conditional Offer is a cash only consideration of N$10.50 per Offer Share, subject to the successful passing of the De-listing Resolution as set out in paragraph 2 below.
Investors are referred to the NENS announcement released on August 31, 2018 relating to the finalization announcement of the sale by Bidvest Namibia of the entire issued capital of Bidvest Fisheries Holdings to Tuncar Fisheries. The results of Bidfish have been presented as discontinued.
Further to the cautionary announcement dated December 12, 2018, shareholders are advised that the Company has entered into discussions, which if successfully concluded, may have a
material effect on the price of the Company´s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in Bidvest Namibia´s securities until a final announcement is made.