Acquisitions committee report

This is the report of the acquisitions committee (committee) of The Bidvest Group Limited appointed for the financial year ended June 30 2013 in compliance with the Companies Act and in terms of the JSE Listings Requirements.

The committee has a charter that complies with the Companies Act and King III requirements and is approved by the board of directors (board). Copies are available either from the company secretary on request, or can be downloaded from the company website.

Membership

The committee is appointed by the board and is made up of the following members: Messrs DDB Band (chairman), BL Berson, DE Cleasby, EK Diack, B Joffe, D Masson and LP Ralphs, in line with the charter requirements. The board considers the membership of the committee adequate and the members are adequately experienced to perform the duties in line with the charter requirements.

Purpose

The primary purpose of the acquisition committee is to:

review any significant acquisition for an in-principle decision as to whether the acquisition should be investigated and pursued;
recommend to the board planned acquisitions that have been approved to be in the best interests of the shareholders and to the future growth of the group; and
inform the board of acquisitions that they do not recommend be considered.

Duties carried out

The committee met on five occasions during the financial year to consider and recommend to the board a number of potential acquisitions.

Attendance

The names of the members who were in office during the period August 25 2012 to August 24 2013 and the number of acquisition committee meetings attended by each of the members are:

Director October 10
2012
  November 23
2012
  March 15
2013
  April 26
2013
  August 6
2013
 
DDB Band (Chairman) ^   ^   ^   ^   ^  
BL Berson ^   ^   ^   ^   ^  
DE Cleasby ^   ^   ^   ^   ^  
EK Diack*         ^   ^   ^  
B Joffe ^   ^   ^   ^   ^  
D Masson ^   ^   ^   ^   ^  
JL Pamensky** ^                  
LP Ralphs ^   ^   ^   ^   ^  
^ Attended in person, by video-conference or tele-conference.
* Appointed March 1 2013.
** Retired November 26 2012.
In respect of certain acquisitions considered by the committee, EK Diack recused himself where he was conflicted.

Conclusion

The committee has performed its duties and responsibilities during the financial year according to its charter.

Signed on behalf of the acquisitions committee by:

Doug Band
Chairman

 
Registered office South Africa
Bidvest House
18 Crescent Drive
Melrose Arch
Melrose
Johannesburg
2196
South Africa
Website: www.bidvest.com
Telephone: +27 (11) 772 8700
Facsimile: +27 (11) 772 8970
Email: info@bidvest.co.za
 

 

 

 

 

Smart device options

This report can be viewed on all smart devices.

 

 

 

Download Options

This report is available to download as a full document and in sections