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GNDE - GRINDROD LIMITED - BVT/GND/GNDP Voluntary joint ann regarding the proposed acquisition by Bidvest and Bidvest Bank Ltd of GFS Hold

16/10/2014 11:30:00

GNDP GND BVT 201410160024A
BVT/GND/GNDP Voluntary joint ann regarding the proposed acquisition by Bidvest and Bidvest Bank Ltd of GFS Hold

THE BIDVEST GROUP LIMITED GRINDROD LIMITED
(Registration number 1946/021180/06) (Registration number: 1966/009846/06)
Share code: BVT Share code: GND & GNDP
ISIN ZAE 000117321 ISIN: ZAE000072328 & ZAE000071106
(“Bidvest”) (“Grindrod”)


Voluntary joint announcement regarding the proposed acquisition by Bidvest and Bidvest Bank
Limited of GFS Holdings (Pty) Ltd and Grindrod Financial Holdings Limited (collectively “Grindrod
Bank”)

Bidvest and Grindrod (“the Parties”) would like to refer shareholders to their previous
announcement that Grindrod had received an unsolicited offer from Bidvest for the purchase of
Grindrod Bank.

Grindrod and Bidvest have failed to reach final agreement for the purchase and have agreed to
discontinue the discussions. The reason for this is that Bidvest has been unable to satisfy itself as to
the potential reputational impact from recent negative publicity relating to the SASSA contract.
Grindrod is comfortable that the issues raised in the press do not pertain to Grindrod Bank's role in
the contract.

Bidvest wishes to note that no problems were identified in the course of its due diligence process of
Grindrod Bank which caused the parties to terminate discussions.

Grindrod will continue its strategy to grow Grindrod Bank's business, with a number of strategic
alternatives and capital support, for the benefit of Grindrod's stakeholders.

Johannesburg
16 October 2014

Investment Bank and Transaction Sponsor to Bidvest
The Standard Bank of South Africa Limited

Legal Adviser to Bidvest
Edward Nathan Sonnenbergs

Sponsor to Bidvest
Investec Bank Limited

Sponsor to Grindrod
Grindrod Bank Limited

Date: 16/10/2014 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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