REPORT ON PROCEEDINGS AT ANNUAL GENERAL MEETING AN
Intervid -
INTERVID LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/011483/06)
Share code: ITV
ISIN : ZAE000025615
("Intervid" or "the company")
REPORT ON PROCEEDINGS AT ANNUAL GENERAL MEETING AND RETIREMENT OF DIRECTORS
The fourth annual general meeting of the shareholders of Intervid Limited was
held at its head office earlier today. The following transpired during the
course of the meeting :
JJ Durand and JA Grieve, who retired in terms of the provisions of the articles
of association elected not to seek re-election to the board of directors. The
reason for their retirement was the conflict of interest which they both have as
a result of being directors of both the company and RFS Holdings Limited, the
Intervid group"s principal loan creditor, particularly in light of the
discussions regarding the convertible loan.
The Chairman, WF Lambert, acknowledged the role they had played as directors of
the company and thanked them for their service.
GR Howard, WF Lambert and JM Pieterse were re-elected to the board of directors.
Due to the ongoing negotiations between the company and the group"s principal
loan creditor, RFS Holdings Limited, it was decided not to propose ordinary
resolutions number 1 and 2 relating to :
The placement of the authorised but unissued shares in the company under the
control of the directors;
The general authority for directors to issue shares for cash.
The balance of the resolutions, including the resolution to repurchase shares in
the company, were duly authorised.
Durban
4 November 2003
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 04/11/2003 05:03:02 PM Supplied by www.sharenet.co.za
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