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 2014 in compliance with the Companies Act and in terms of the JSE Listings Requirements.
The committee is constituted in terms of a charter that is approved by the board of directors (board). Copies of the charter 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 purposes of the acquisition committee are to:
 |
review any significant acquisition or material divestiture for an in-principle decision as to whether the acquisition should be investigated and pursued; |
|
recommend to the board planned acquisitions or disposals 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 six 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 24 2013 to August 29 2014 and the number of acquisition committee meetings attended by each of the members are:
| Director |
October 29
2013 |
November 29
2013 |
January 2
2014 |
January 7
2014 |
February 4
2014 |
May 20
2014 |
|
| DDB Band (Chairman) |
^ |
^ |
^ |
^ |
^ |
^ |
|
| BL Berson |
^ |
^ |
^ |
^ |
^ |
^ |
|
| DE Cleasby |
^ |
^ |
^ |
^ |
^ |
^ |
|
| EK Diack |
^ |
^ |
^ |
^ |
^ |
^ |
|
| B Joffe |
^ |
^ |
^ |
^ |
^ |
^ |
|
| D Masson |
^ |
^ |
^ |
^ |
^ |
^ |
|
| LP Ralphs |
^ |
^ |
^ |
^ |
^ |
^ |
|
| ^ Attended in person, by video-conference or tele-conference. |
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
|
