ABIL - Adjustment to Employee Share Options Pursuant to the Payment of a Special
Dividend
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Share code: ABL
ISIN: ZAE000030060
(`ABIL`)
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 53 cents per share (paid on 13
December 2004) (`the special dividend`), as a 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 has
approved a reduction in the strike price of each option of 53 cents. The
process leading to this approval was followed in terms of the scheme rules and
included the obtaining of a fair and reasonable opinion from the group`s
advisors, Deloitte & Touche Corporate Finance. It is also consistent with the
approach taken after the first special dividend in 2003.
This adjustment will only be made to options that were still outstanding at the
close of business on Friday, 3 December 2004, being the date after which the
shares started trading ex-dividend.
Sandton
17 January 2005
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 17/01/2005 04:41:20 PM
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