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 2015 in compliance with the Companies Act and in terms of the JSE Listings Requirements.

The committee has a charter that complies with the Companies Act and King III requirements and is approved by the board of directors (board). Copies 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, NG Payne (appointed November 1 2014) 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 purpose of the acquisition committee is to:

	review any significant acquisition for an in-principle decision as to whether the acquisition should be investigated and pursued:
	recommend to the board planned acquisitions 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 three occasions during the financial year to consider and recommend to the board a number of potential acquisitions. Key focus areas during this past year included the review and decision not to pursue the London listing of the Bidvest Foodservice business and the R52,00 per share offer made to Adcock shareholders in early 2015.

Attendance

The names of the members who were in office during the period August 29 2014 to August 28 2015 and the number of acquisition committee meetings attended by each of the members are:

Director	August 22 2014	February 20 2015	July 27 2015
DDB Band (Chairman)	^	^	^
BL Berson	^	^	^
DE Cleasby	^	^	^
EK Diack	^	^	^
B Joffe	^	^	^
D Masson	^	^	^
NG Payne*		^	^
LP Ralphs	^	^	^

^	Attended in person, by video-conference or tele-conference.
*	Appointed November 1 2014.

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