INCENTIVE HOLDINGS LIMITED - MEMBERS VOTE TO PLACE INCENTIVE IN VOLUNTARY
LIQUIDATION; RESULTS OF THE ANNUAL GENERAL MEETING
INCENTIVE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/013800/06)
Share code: ICT ISIN: ZAE000019329
(`Incentive` or `the company`)
* MEMBERS VOTE TO PLACE INCENTIVE IN VOLUNTARY LIQUIDATION
* RESULTS OF THE ANNUAL GENERAL MEETING
1. Members` Voluntary Liquidation
Shareholders are referred to the litigation statement in the Chairman`s Report
detailed in the Annual Financial Statements of the company dated 20 August 2004.
The reason for the members` voluntary liquidation is a result of the continued
litigation brought by Anglo Dutch Holdings (Proprietary) Limited represented by
Mr J W B Field against Incentive Holdings Limited. This litigation has hampered
any recapitalisation and/or acquisitions contemplated by the directors and, as a
result, the company cannot continue as a going concern.
Members represented in person or by proxy voted in favour of the voluntary
liquidation, with an abstention of one member representing 40.0 million shares
of the issued share capital of the company.
2. Results of the Annual General Meeting
All of the other resolutions tabled at the Annual General Meeting were passed
by members representing in excess of 75% of those shareholders represented in
person or by proxy.
3. Suspension of Listing
Following the resolution by members to apply for voluntary liquidation, the
company has applied to the JSE Securities Exchange South Africa to have the
company`s shares suspended with immediate effect.
Johannesburg
21 January 2005
Sponsor
RIVER GROUP
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