JSE Limited Announcement
JSE LIMITED
("JSE")
Registration number 2005/022939/06
The JSE Board of Directors ("Board") met today and approved in principle the
following:
1. subject to further investigation, the Board authorised the JSE Executive to
finalise a proposal to shareholders to implement a broad-based BEE initiative to
further demonstrate its support of BEE. It is proposed that a JSE Empowerment
Fund ("JEF") in the form of a trust be established and that approximately 3.5%
of the JSE"s share capital be issued to the trust at par (R1). The majority of
JEF"s trustees will be black. The proposal is for JEF to provide financial
assistance for education initiatives targeted specifically at bringing black
people into the financial sector by enabling them to gain appropriate
professional qualifications and a better understanding investment on the stock
market. The trust"s assets will be used for the benefit of black people only.
Following the creation of JEF, the JSE expects to have over 10% of its issued
share capital held directly by black people;
2. a proposal for a 10 for 1 share split of JSE shares in order to reach a more
appropriate JSE share price range of approximately R8.30 per share (based on
current prices), as opposed to the current approximately R83.00 per share, so as
to put the JSE share within the range of a broader base of shareholders; and
3. the introduction of a staff retention scheme to ensure the long term
retention of key staff. The retention scheme is proposed to be structured as a
cash settled bonus scheme.
The Board also believes that listing the JSE is appropriate. A decision as to
the timing of the listing will be taken in Q1 of 2006, subject to the conclusion
of discussions with the Financial Services Board and the finalisation of the
details of the BEE transaction.
Shareholders will be consulted over the coming months and a further announcement
about each of these matters will be made once they have progressed. When the
detail of the matters are finalised, the necessary resolutions will be put
before shareholders for approval.
For further information, please contact Russell Loubser on 520-7001 or Nicky
Newton-King on 520-7229.
22 November 2005
Date: 22/11/2005 05:27:21 PM Produced by the JSE SENS Department
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