Netcare - Approval of broad-based BEE transaction known as the HPFL initiative
Results of General Meeting of Netcare shareholders
Network Healthcare Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008242/06)
ISIN number: ZAE000011953 & JSE code: NTC
(`Netcare` or the `company`)
APPROVAL OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT TRANSACTION KNOWN AS THE
HEALTH PARTNERS FOR LIFE (`HPFL`) INITIATIVE:
RESULTS OF GENERAL MEETING OF NETCARE SHAREHOLDERS
At the general meeting of shareholders of Netcare convened on Monday, 26
September 2005 in terms of the Notice of General Meeting contained in the
circular issued on 1 September 2005:
1. Ordinary Resolution 1 relating to the allotment and issue of new ordinary
shares and the disposal of the issued shares in Basfour for the purpose of
implementing the Health Partners for Life initiative was passed by the requisite
majority.
2. Ordinary Resolution 2 authorising the company to amend the Netcare Share
Incentive Trust was passed as modified by the directors (having regard to
feedback received from shareholders) in the following manner:
* to increase the aggregate number of Netcare shares available for allocation
under the scheme from 10% to 12,5% of the issued shares (instead of the 20%
proposed in the Notice); and
* to permit the vesting of shares in tranches of 20% over a 5 year period
commencing 2 years after the acceptance date (as has been the case since
adoption of the scheme in November 1996), instead of the proposed vesting
in tranches of 25% over a 4 year period commencing 1 year after the
acceptance date.
3. Special Resolution 1 was withdrawn by the directors, having regard to
feedback received from shareholders.
4. Special Resolution 2 authorising the specific repurchase of Netcare shares
was passed by the requisite majority.
5. Ordinary Resolution 3 authorising the directors to give effect to and
implement Ordinary Resolutions 1 and 2 and Special Resolution 2 was passed by
the requisite majority.
Following the success of the General Meeting, the Netcare Board is encouraged by
the support given by shareholders for the Health Partners for Life transaction,
an initiative which will result in meaningful transformation and strategic
benefits while bringing better care and empowerment to more people of South
Africa.
Sandton
27 September 2005
Corporate Advisor
Java Capital (Proprietary) Limited
Sponsor
Merrill Lynch SA (Pty) Limited
Date: 27/09/2005 08:30:03 AM
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