| Fri 22 Jan 2010, 17:39 | | EFF - Efficient Financial Holdings Limited - Results of Annual General Meeting |
|
EFF
EFF
EFF - Efficient Financial Holdings Limited - Results of Annual General Meeting
EFFICIENT FINANCIAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2006/036947/06)
Share code: EFF
ISIN: ZAE000133286
("EFH" or "the company")
RESULTS OF ANNUAL GENERAL MEETING
At the annual general meeting of shareholders of EFH held on Friday, 22 January
2010 (in terms of the notice of annual general meeting contained in the EFH
annual report issued on 27 November 2009), all of the ordinary resolutions were
passed by the requisite majority of EFH shareholders present or represented by
proxy at the annual general meeting.
A modified Special Resolution 1 was unanimously passed by EFH shareholders
present or represented by proxy at the annual general meeting.
The modified Special Resolution 1 passed is as follows:
"RESOLVED that the directors be and are hereby authorised, subject to the
approval of and recommendation by the management committee of the company to the
board of directors, to approve and implement the acquisition by the company (or
by a subsidiary of the company up to a maximum of 10% (ten percent) of the
number of issued ordinary shares of the company), of ordinary shares issued by
the company by way of a general authority, which shall only be valid until the
company`s next annual general meeting, unless it is then renewed, provided that
it shall not extend beyond 15 (fifteen) months from the date of the passing of
the special resolution, whichever period is the shorter, in terms of the
Companies Act 1973, and the rules and requirements of the JSE Limited (JSE)
which provide, inter alia, that the company may only make a general repurchase
of its ordinary shares subject to:
- the repurchase being implemented through the order book operated by the JSE
trading system, without prior understanding or arrangement between the
company and the counterparty;
- the company being authorised thereto by its articles of association;
- repurchases not being made at a price greater than 10% (ten percent) above
the weighted average of the market value of the ordinary shares for the 5
(five) business days immediately preceding the date on which the
transaction was effected;
- an announcement being published as soon as the company has repurchased
ordinary shares constituting, on a cumulative basis, 3% (three percent) of
the initial number of ordinary shares, and for each 3% (three percent) in
aggregate of the initial number of ordinary shares repurchased thereafter,
containing full details of such repurchases;
- repurchases not exceeding 20% (twenty percent) in aggregate of the
company`s issued ordinary share capital in any one financial year;
- the company`s sponsor confirming the adequacy of the company`s working
capital for purposes of undertaking the repurchase of ordinary shares in
writing to the JSE upon entering the market to proceed with the repurchase;
- the company remaining in compliance with paragraphs 3.37 to 3.41 of the JSE
Listings Requirements concerning shareholder spread after such repurchase;
- the company and/or its subsidiaries not repurchasing securities during a
prohibited period as defined in paragraph 3.67 of the JSE Listings
Requirements, unless it has in place a repurchase programme where the dates
and quantities of securities to be traded during the relevant period are
fixed and full details of the programme have been disclosed in an
announcement published on SENS prior to the commencement of the prohibited
period; and
- the company only appointing one agent to effect any repurchases on its
behalf."
22 January 2010
Sponsor
Java Capital (Proprietary) Limited
Date: 22/01/2010 17:39:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
