BDM - Buildmax Limited - Amendment to long term incentive plan as set out
BDM
BDM
BDM - Buildmax Limited - Amendment to long term incentive plan as set out
in circular
BUILDMAX LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1995/012209/06)
Share Code: BDM
ISIN Code: ZAE000011250
("Buildmax" or "the Company")
AMENDMENT TO LONG TERM INCENTIVE PLAN AS SET OUT IN CIRCULAR
Buildmax shareholders ("Shareholders") are referred to the announcement
dated 22 February 2012 and to the circular to Shareholders, dated 22
February 2012, pertaining to the:
* non-binding advisory approval of the Remuneration Policy; and
* adoption of the Buildmax Limited Long Term Incentive Plan ("LTIP") ("the
Circular").
Annexure 2 to the Circular sets out extracts of the LTIP to be approved by
Shareholders in general meeting on Monday, 26 March 2012 ("Proposed LTIP").
Shareholders are advised that the Board of Directors of Buildmax ("the
Board") has taken the decision to amend Paragraph 5.1.1 of the Proposed
LTIP as set out on page 27 to limit the aggregate number of Buildmax shares
which may be allocated under the LTIP ("Allocated Shares") as to not exceed
192,500,000 at any one time (which is also discussed in paragraph 4.14 on
page 10 of the Circular). This amendment serves to limit the Allocated
Shares further than the proposed 300,000,000 shares as contained in the
Circular on pages 10 and 27.
Furthermore, Buildmax will endeavour to purchase a significant portion of
the Buildmax shares required in terms of the LTIP in the open market in
terms of the Board`s general authority to repurchase Buildmax shares as
approved by Shareholders in the annual general meeting held on 11 November
2011, which repurchase will be conditional on the Company being able to re-
issue such repurchased shares to Buildmax management for purpose of the
LTIP in terms of prevailing regulatory requirements.
20 March 2012
Sponsor
QuestCo (Pty) Limited
Date: 20/03/2012 17:33:01 Produced by the JSE SENS Department.
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