BEE Transaction

Placing Document

Circular to Adcock Shareholders

Offeree response circular to Adcock Shareholders relating to:

the opinion of the Adcock Independent Board relating to the general offer, in terms of section 117(1)(c)(v) of the Act, by Bidvest to acquire the entire issued ordinary share capital of Adcock that it does not already own, excluding the Treasury Shares, for the Offer Consideration of R52.00 per Adcock Share in cash; incorporating: the opinion of the Independent Expert appointed by the Adcock Independent Board.