GMB
GMB
Glenrand MIB Limited - Shareholders Approve Strategic BEE Deal
GLENRAND MIB LIMITED
(a Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share code: GMB & ISIN: ZAE000018529
("Glenrand")
GLENRAND MIB LIMITED SHAREHOLDERS APPROVE STRATEGIC BEE DEAL
Shareholders in insurance broking and financial services group Glenrand M.I.B
Limited have approved a strategic black economic empowerment (BEE) transaction,
increasing BEE shareholding in the group from 6,0% to 27,7%.
In a general meeting of shareholders held on Friday, 17 March 2006, approval was
given to the transaction that introduces two new broad-based BEE groups -
Ayavuna Women"s Investments and Matemeku Investments - and increases the
shareholding of Glenrand M.I.B"s long-standing BEE partner, Kunene Brothers. In
three separate transactions worth R103 million in total, each of the three
empowerment groups will acquire 5,8% of the ordinary equity in Glenrand M.I.B.
In a scheme meeting of shareholders held on Friday, 17 March 2006, the requisite
majority votes was obtained to implement a Scheme of Arrangement. Through the
Scheme of Arrangement, a wholly-owned subsidiary of Glenrand M.I.B will purchase
6,7% of the issued share capital of Glenrand M.I.B and the Glenmib Employee
Empowerment Trust will acquire 4,3%. The Scheme of Arrangement will enable the
company to mitigate the dilutory effect of issuing the new subscription and
capitalisation shares to the BEE partners.
High Court approval for the Scheme of Arrangement is pending.
Ends
ISSUED FOR: GLENRAND M.I.B LIMITED
CONTACT : Steve von Roretz, CEO: 011 329 1427 / 083 326 6319
FAX NO : 011 293 2755
E-MAIL : svonroretz@glenrandmib.co.za
WEBSITE : www.glenrandmib.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart: 011 325 4195 / 082 443 6399
FAX NO : 011 325 4199
E-MAIL : tish@tspr.co.za
DATE : 17 March
Date: 17/03/2006 03:39:18 PM Produced by the JSE SENS Department
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