ADJUSTMENT TO EMPLOYEE SHARE OPTIONS PURSUANT TO T
ADJUSTMENT TO EMPLOYEE SHARE OPTIONS PURSUANT TO THE PAYMENT OF A SPECIAL
DIVIDEND
In terms of the African Bank Investments Limited Employee Share Participation
Scheme ("the scheme"), certain events qualify for either an adjustment to the
number of options and/or the price of the options and such adjustments must
follow a prescribed process.
ABIL has recently declared a special dividend of 100 cents per share (payable on
15 December 2003) ("the special dividend"), being the most efficient and cost
effective means of returning surplus capital to the shareholders.
As a result of the special dividend, and so as not to prejudice the rights of
option holders over that of ordinary shareholders, ABIL"s board of directors
approved that the strike price of each option in issue be adjusted down by 100
cents.
The process followed in terms of the scheme rules included the obtaining of a
fair and reasonable opinion from the group"s advisors, Deloitte & Touche
Corporate Finance, and approval by the board of directors.
This adjustment will only be made to options that were still outstanding at the
close of business on Friday, 5 December 2003, being the date after which the
shares started trading ex-dividend.
Sandton
15 December 2003
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
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