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OMN - Omnia Holdings Limited - Third partnership with management scheme

Release Date: 28/07/2009 09:05:01      Code(s): OMN
OMN - Omnia Holdings Limited - Third partnership with management scheme         
OMNIA HOLDINGS LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
Registration number 1967/003680/06                                              
JSE code OMN ISIN ZAE000005153                                                  
("Omnia" or "the Group")                                                        
THIRD PARTNERSHIP WITH MANAGEMENT SCHEME                                        
On the 30th of September 2004, the shareholders of the Group approved           
(during a general meeting) the terms of the Third Partnership with Management   
Scheme ("the Scheme"), to continue for five years commencing on 1 April 2004,   
of which details were set out in a circular to shareholders dated 8 September   
2004. In terms of the Scheme, key management personnel were given an opportunity
to participate in the Group`s growth subject to certain targets, as set out in  
rules of the Scheme, being met. The Scheme effectively ended on the 31st of     
March 2009 and the board of directors of Omnia ("the Board") will now proceed   
to give effect to the terms of the Scheme.                                      
The Board has long recognised the need for significant management ownership     
participation within the Group and believe that the Group`s success is related  
to the excellence and long-term dedication of its key management personnel.     
The Board also believes that an effective partnership arrangement between the   
shareholders of Omnia and management enhances the wealth of the Group. The      
"partnership with management" concept requires that key managers should be      
both financially at risk and should have their fortunes tied to those of the    
Group for a period of no less than five years. The Board realises that the      
growth and success of the Group is greatly enhanced by virtue of this           
commitment by management.                                                       
The target set for the Scheme was the generation of cumulative earnings over    
the period that would equate to a compound annual real growth in earnings of    
10% above the annual inflation rate over the period (the real growth rate).     
This has been significantly exceeded by a comfortable margin. The Group shall   
now, subject to the provisions of the Companies Act (No 61 of 1973), as amended 
and the rules of the Scheme, exchange the preference shares held by participants
in the Scheme, into ordinary shares in the share capital of Omnia.              
The five-year planning approach has served Omnia well and, over the last 15     
years, the Group has achieved all its 5 year targets agreed to with             
shareholders. The 2009 financial year marks the successful completion of the    
Group`s third planning cycle.  Omnia`s executive management team, under the     
leadership of Rod Humphris, has delivered another outstanding set of results    
for the five year period ended 31 March 2009. This is a testament to the        
benefits resulting from diversification the Group has achieved and its ability  
to deliver shareholder value over a sustained period.                           
In terms of the Scheme, the following has occurred:                             
1    The Board, after having reviewed the Audited Financial Statements for the  
financial years 2005 to 2009 in regard to the profit of the Group, has      
    certified that the Group has generated cumulative earnings over the five    
    year period that would equate to a compound annual real growth in earnings  
    in excess of the maximum rate stipulated above the annual inflation rate    
and have therefore met the conditions precedent as set out in the rules of  
    the Scheme.                                                                 
2    The Group has issued out of its authorised but unissued share capital 1 633
    143 ordinary no par value Omnia shares and exchanged the same on the basis  
of 6.25 ordinary shares for every share that each participant holds in      
    Omnia Group Investments Limited, such ordinary shares to rank pari passu in 
    all respects with the ordinary shares currently in issue.                   
28 July 2009                                                                    
NJ Crosse (Chairman), FD Butler, DL Eggers* (Group Finance Director),           
NKH Fitz-Gibbon*, R Havenstein, H Hickey, RB Humphris* (Group Managing          
Director), Prof SS Loubser, Dr WT Marais, RR Masebelanga*, JG Pretorius, DC     
Radley, TR Scott                                                                
*Executive Directors                                                            
Registered office                                                               
1st Floor, Omnia House,                                                         
13 Sloane Street, Epsom Downs,                                                  
Bryanston, Sandton                                                              
PO Box 69888,                                                                   
Bryanston 2021                                                                  
Telephone (011) 709 8888                                                        
Transfer secretaries                                                            
Link Market Services South Africa (Pty) Ltd                                     
11 Diagonal Street, Johannesburg 2001                                           
PO Box 4844, Johannesburg 2000                                                  
Barnard Jacobs Mellet Corporate Finance (Pty) Limited                           
Date: 28/07/2009 09:05:01 Supplied by www.sharenet.co.za                     
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