AFB
AFB
Alexander Forbes Limited - Further Cautionary
Alexander Forbes Limited ("Alexander Forbes")
Registration number: 1958/001974/06
ISIN: ZAE000018230
JSE Code: AFB
ALEXANDER FORBES LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement by the Company on 20 March 2006
regarding the practice of bulking of banking accounts. Shareholders are advised
of the following developments in this matter.
* The Company has commenced a review in relation to bulking activities and
related business practices. This review will include the engagement of
independent auditors Ernst & Young and lawyers Deneys Reitz;
* The board of Alexander Forbes Limited has appointed a sub-committee consisting
of non-executive directors to consider the findings of the review referred to
above and to make recommendations to the board in this regard;
* The Board has agreed in principle that an amount will be paid to the
applicable retirement funds. The amount of this payment as well as the details
of how it will be allocated are being worked on by the company and will be
finalized after discussion with the Financial Services board ("FSB").
* The FSB has issued a general circular to all pension fund administrators
regarding undisclosed fees. We welcome this circular and are fully co-operating
with the FSB in this regard.
CAUTIONARY ANNOUNCEMENT
Until a further announcement is made, including details of the financial impact
on the company, shareholders are advised to exercise caution when trading in
their Alexander Forbes Limited shares.
31 March 2006
Sponsor:
J.P.Morgan Equities Limited
Date: 03/04/2006 07:41:29 AM Produced by the JSE SENS Department
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