| Wed 30 May 2012, 16:40 | | BFS - Blue - Posting of Circular and Notice of General Meeting |
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BFS
BFS
BFS - Blue - Posting of Circular and Notice of General Meeting
Blue Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1996/006595/06)
JSE Share code: BFS
ISIN: ZAE000083655
("Blue" or the "Company")
POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING
1 INTRODUCTION
Shareholders are referred to the terms announcement released on the
Securities Exchange News Service of the JSE Limited on 21 May 2012 in which
Blue shareholders were advised that Blue had entered into an agreement
("the Second Early Conversion Agreement") with certain of its existing
funders ("Converting Lenders") regarding the continued financial
restructuring of the Company through -
(i) the conversion up to a maximum amount of R452 million of existing debt
by way of a proposed specific issue to the Converting Lenders of up to
a maximum of 1,015,655,919 Blue ordinary shares ("Ordinary Shares")
for cash at an issue price of 44.5 cents per Ordinary Share, being the
30-day volume weighted average price ("VWAP") of Ordinary Shares
ruling at the date of signing of the Second Early Conversion
Agreement; and
(ii) the consequent issue of up to a maximum of 1,062,269,202 Anti-
dilution shares at par value to Mayibuye ("the Second Early
Conversion").
2 POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING
Shareholders are hereby notified that the circular setting out the full
details of the Second Early Conversion was posted to shareholders today, 30
May 2012. The circular incorporates a notice convening a general meeting
of shareholders to be held at 09h30 on Friday, 29 June 2012 at Mayibuye
Place, 355 Kent Avenue, Randburg in order to consider and if deemed fit,
pass with or without modification, the special and ordinary resolutions
contained therein, all of which are required to procure the implementation
of the Second Early Conversion.
3 RECORD DATE
The record date in terms of section 59(1)(a) of the Companies Act, 2008
(Act No. 71 of 2008) ("the Act") for shareholders to be recorded in the
Blue shareholders` register in order to have been sent the circular
referred to in paragraph 2 above was Friday, 18 May 2012.
The record date in terms of section 59(1)(b) of the Act for shareholders to
be recorded in the Blue shareholders` register in order to be able to
attend, participate and vote at the general meeting referred to in
paragraph 2 above is Friday, 22 June 2012.
Johannesburg
30 May 2012
Designated Adviser
Grindrod Bank Limited
Date: 30/05/2012 16:40:01 Produced by the JSE SENS Department.
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