Mutual & Federal - Results of general meeting
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)(Registration number 1970/006619/06)
Share code JSE: MAF Share code NSX: MTF
ISIN: ZAE000010823
(`Mutual & Federal`)Results of general meeting to introduce direct, broad-based black ownership into
Mutual & Federal
1. INTRODUCTION
Mutual & Federal shareholders are referred to the Mutual & Federal announcementdated 19 April 2005 and the circular to Mutual & Federal shareholders dated 15
June 2005 (`the circular`) regarding the proposed introduction of direct broad-
based black ownership into Mutual & Federal, involving:
- the approval and adoption of: - The Mutual & Federal Management Incentive Scheme;
- The Mutual & Federal Broad-based Scheme and
- The Mutual & Federal Senior Black Management Scheme;
- the authority for the specific issues of 31 064 806 ordinary shares for cash;- the amendment to the Articles of Association of Mutual & Federal to allow for
the specific repurchase of ordinary shares;
- the authority for the specific repurchase by Mutual & Federal of ordinary
shares at one or more future dates for cash;- the authority for the specific issue of ordinary shares to The WIPHOLD
Financial Services Number Three Trust and The Mtha Financial Services Trust
relating to annual performance fees;
- the authority for the specific issue of ordinary shares for cash, equivalentto the number of shares which may be repurchased by Mutual & Federal; and
- the authority to the directors to do all such things and sign all documents
and take all such actions as they consider necessary to give effect to and
implement the proposed resolutions.2. RESULTS OF GENERAL MEETING
At a general meeting of Mutual & Federal shareholders held at 10h00 on Friday,
22 July 2005, all the ordinary and special resolutions as set out in the
circular were approved by the requisite majority of shareholders to give effectto the proposed transaction. The lowest majority vote obtained was 99.92% and
the highest was 99.99%.
3. SALIENT DATES
It is expected that the 31 064 806 new ordinary shares to be issued in terms ofthe proposed transaction will be listed on the JSE on or about 2 August 2005. A
further announcement will be made to shareholders informing them when the
transaction is wholly unconditional and when the new Mutual & Federal shares
have been issued and listed.Johannesburg
22 July 2005
Investment Bank,
Transaction Advisorand Joint Sponsor
- Nedbank Capital-Date: 22/07/2005 05:00:04 PM Produced by the JSE SENS Department
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