Telkom SOC : 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.
Shareholders of BCX and Telkom ("Shareholders") are referred to the various announcements released on the Stock Exchange News Service of the JSE Limited ("JSE"), regarding the Proposed Transaction.
Further to these announcements, we wish to inform Shareholders that the South African Competition Commission has concluded its investigation of the Proposed Transaction and recommended that the acquisition by Telkom of the entire issued share capital of BCX is approved subject to conditions.
The South African Competition Tribunal will set the matter down for hearing in due course ("Competition Tribunal Hearing"). After the completion of the Competition Tribunal Hearing, Shareholders will be advised on SENS of the outcome thereof and of the salient dates for the implementation of the transaction, if the Proposed Transaction is approved on terms acceptable to the parties.
BCX and Telkom remain committed to the Proposed Transaction, and will engage and work with the applicable regulatory bodies accordingly.
Further information with regards to the South African Competition Commission's recommendation, will be available in due course at following website: www.compcom.co.za
BCX Telkom
Midrand Pretoria
14 May 2015 14 May 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

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