Sail Group Limited - Result Of General Meeting
Release Date: 12/03/2004 11:36:17 Code(s): SIR
SAIL GROUP LIMITED - RESULT OF GENERAL MEETING
SAIL GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1941/014601/06)
Share Code: SIL ISIN Code: ZAE000013041
("SAIL")
RESULT OF GENERAL MEETING
Shareholders are advised that, at the general meeting held at the offices of
SAIL on Friday, 12 March 2004, all the ordinary resolutions ratifying and
approving, inter alia,:
* the introduction of Black Economic Shareholders into SAIL Sport and
Entertainment (Proprietary) Limited ("SSE"), a wholly owned subsidiary of SAIL,
in terms of which SAIL disposed of an effective 50% and 1 share in the issued
share capital of SSE to Tree Tell 23 (Proprietary) Limited a wholly owned
subsidiary of SACTWU Investments Group (Proprietary) Limited ("SACTWU") ("the
disposal");
* certain put and call arrangements relating to the disposal that could result
in SACTWU swopping its interest in SSE for an effective 25% holding in SAIL post
the exercise of the put or call arrangement; and
* a related party agreement with SSE management regarding the partial repurchase
of the existing management put obligations, which arose at the time of the
Vodacom Sport and Entertainment (Proprietary) Limited acquisition ("VSE
acquisition") by SAIL;
were unanimously passed, subject to a minor amendment to resolution 2, by the
requisite majority of SAIL shareholders present and entitled to vote at the
general meeting.
By order of the Board
12 March 2004
Cape Town
Investment bank and sponsor Attorney
Nedbank Corporate Cliffe- Dekker
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