ONE OF THE MANY SUCCESS STORIES WITH OUR INVOLVEMENT... - Business Day

This is partially offset by the release of a tax provision of R102.7 million following the settlement with Sars which was announced in December 2007 and the accrual of an estimate of the amount to be received from insurance relating to the fire in the United Kingdom. ONE OF THE MANY SUCCESS STORIES WITH OUR INVOLVEMENT...

Bidvest pauses for thought September 29, 2008 Johannesburg - South African industrial services group Bidvest said on Monday that it is to evaluate its bid for 30 percent of Nampak following the release of a trading update and information to Nampak shareholders regarding the pro rata offer released on Friday.

Bidvest on Monday referred shareholders to its offer of September 17 to acquire up to 30 percent of the Nampak ordinary shares and the announcement by Nampak released on the stock exchange news service on September 26 regarding a Nampak trading statement and information to Nampak shareholders regarding the pro rata offer. "Bidvest draws the attention of shareholders to the suspensive condition to the pro rata offer which relates to there being no material adverse change in either market conditions or the financial position of Nampak which comes to the attention of Bidvest. "Bidvest believes that the Nampak September 26 announcement contains information which may constitute a material adverse change.

"Accordingly, the information in that announcement, and subsequent discussions with Nampak management in relation to the matters contained therein, will need to be evaluated by Bidvest," it said. Once the evaluation is complete, Bidvest will decide whether to proceed with the pro rata offer at the price, or at all. A further announcement in this regard will be made in due course, it said.

On Friday Nampak said that for the financial year ending September 2008 its headline earnings per share (HEPS) is expected to be between 0 percent and 10 percent lower than the 184.6 cents per share for the financial year ended September 2007. Basic earnings per share (EPS) is expected to be between 60 percent and 80 percent lower than the 181 cents per share for the financial year ended September 2007.

These differences are mainly attributable to a strategic review coupled with a revision of future cash flows relating to the Cartons Europe business resulting in a decision to close the division's Short Run site at Crewkerne in the UK and to fully impair goodwill relating to the Cartons business on the continent and a fire at the group's Healthcare UK Thorpe site that destroyed the entire factory resulting in certain consequential costs including an impairment of all goodwill relating to the Healthcare UK business.

This is partially offset by the release of a tax provision of R102.7 million following the settlement with Sars which was announced in December 2007 and the accrual of an estimate of the amount to be received from insurance relating to the fire in the United Kingdom.