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”.
Shareholders of Bidvest Namibia are referred to the circular to Bidvest Namibia Shareholders containing details of a conditional take-over by the Bidvest Group to Bidvest Namibia Shareholders, to acquire all remaining Bidvest shares not owned by the Bidvest Group by way of a take-over scheme (‘offer’). Subsequent to the acceptance of the Delisting Resolution by the requisite majority, the offer has been declared unconditional by the Bidvest Group and has become effective, irrevocable an open for acceptance during the Acceptance Period.
Further to the cautionary announcement released on the Stock Exchange News Service (“NENS”) of the Namibian Stock Exchange (“NSX”) on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcements released on NENS on 11 April 2019 and 25 April 2019. Shareholders are hereby advised that the requisite majority of Bidvest Namibia shareholders eligible to vote, have approved the delisting. In terms of this passed resolution, the listing of all the Bidvest Namibia Shares of
Bidvest Namibia on the Main Board of the NSX be suspended and terminated with effect from 11 June 2019 or at such times and such dates as will be approved in accordance with the Bank of Namibia and by the NSX
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 25 April 2019 relating to the circular to shareholders, supplementary information relating to the sum of the parts valuation, culminating in the fair and reasonable valuation range of N$8.95 to N$9.45 as per the E&Y Fair and Reasonable opinion included in the circular, is available on the this website.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcement released on NENS on 11 April 2019. A combined circular has been issued today by Bidvest Namibia Limited and the Bidvest Group to a conditional Take-over offer in terms of sections 320 – 327 of the Companies Act….