Alexander Forbes - Results of the annual general meeting (`AGM`)
Alexander Forbes Limited
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
ISIN: ZAE000018230 Share code: AFB
(`Alexander Forbes` or `the Company`)
Results of the annual general meeting (`AGM`)
Shareholders are advised that, at the annual general meeting held on Friday, 30
July 2004, all the resolutions as proposed in the notice of AGM were approved by
the requisite majority of members.
At the meeting, the chairman referred shareholders to the notice of AGM, which
contained a statement that `...there have been no material changes in the
affairs or financial position of the company and its subsidiaries since the date
of signature of the audit report and the date of publication of the notice of
AGM`. The chairman advised the attendees that, subsequent to the publication of
the notice of AGM, the company had issued an announcement on 20 July 2004
regarding the proposed issue of 114.8 million new Alexander Forbes shares to,
and repurchase of the GBP100 million 6% Exchangeable Bonds originally issued by
an Alexander Forbes group company, from a VenFin Limited group company. This
announcement contained an illustration of the material effects that the proposed
transaction would have on the financial position of the company, should the
approval of shareholders be obtained at a general meeting to be called for this
purpose.
With reference to ordinary resolution number 4, the chairman noted that the
company had undertaken that, should this resolution to place the authorised but
unissued shares under the control of directors be approved, the company and the
directors would not allot and issue more than 10% in the aggregate for a
financial year of the number of shares of the company which are in issue prior
to such allotment and issue taking place.
With regard to the Special Resolution, the chairman noted that, should the
special resolution concerning the acquisition by the company or its subsidiaries
of the company`s shares be approved, the company had undertaken that no more
than 10% of the issued ordinary share capital of the company would be so
acquired under this authority.
Sandton
30 July 2004
Joint Sponsors
Cazenove Investec
Date: 30/07/2004 01:23:19 PM
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