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JSE FCPD
FCPD
FCPD - Foord Compass Limited - Results of annual general meeting of debenture
holders
FOORD COMPASS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003591/06)
JSE code: FCPD
ISIN: ZAE000054466
("Foord Compass" or "the company")
RESULTS OF ANNUAL GENERAL MEETING OF DEBENTURE HOLDERS
The board of directors advises that at the Annual General Meeting of Foord
Compass Limited Debenture Holders, held at 7 Forest Mews, Forest Drive,
Pinelands today, the special resolution proposed at the meeting was duly passed
by the requisite majority of votes, after the meeting had accepted an amendment
proposed by a debenture holder that repurchases may not be made at a price which
exceeds the most recently calculated Net Attributable Asset Value ("NAAV") per
debenture.
The board of directors released the following statement to debenture holders at
the meeting:
"Debenture holders are referred to the company`s SENS announcement released on 6
April 2010 disclosing a NAAV per debenture of 763.0 cents as at 31 March 2010.
That statement noted that the debenture NAAV had increased by 7.0% during the
first quarter of 2010.
The trend remains positive across most investment markets and across all asset
classes, which is encouraging for the prospects of the investment portfolio in
April and beyond.
The effective asset allocation has altered from the structure that pertained at
the end of last year, when the cash portion was 34% of portfolio. This has been
reduced to 20% of portfolio by investing in local equities (+10%) and increasing
the foreign equity allocation. The short RSA bond position remains in place and
total effective equity exposure is at 89% of portfolio."
It was further announced that Mr David Moir, a long-standing non-executive
director of the company had not offered himself for re-election at the Annual
General Meeting of ordinary shareholders ("AGM") held earlier today. In
addition, the reappointment of Messrs D Foord and M Hodges as non-executive
directors and Messrs JC Greyling, JC van Niekerk and Dr JC van der Horst as
independent non-executive directors of Foord Compass was confirmed at the AGM.
Cape Town
21 April 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 21/04/2010 17:47:26 Produced by the JSE SENS Department.
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