Afe/afep - Aeci Limited - Results Of General Meeting And Cautionary Release Date: 24/11/2011 14:30:01 Code(s): AFE AFEP
AFE/AFEP - AECI Limited - Results of general meeting and cautionary
(Incorporated in the Republic of South Africa)
(Registration number 1924/002590/06)
JSE ordinary share code: AFE
JSE preference share code: AFEP
JSE ordinary share ISIN: ZAE000000220
JSE preference share ISIN: ZAE000000238
("AECI" or "the Company")
RESULTS OF GENERAL MEETING AND CAUTIONARY ANNOUNCEMENT
AECI shareholders ("Shareholders") are referred to the detailed terms
announcement released on the Securities Exchange News Service ("SENS") on
Thursday, 13 October 2011 and published in the press on Friday, 14
October 2011 relating to the proposed Broad-based Black Economic
Empowerment ("B-BBEE") Transaction ("the proposed B-BBEE Transaction").
Shareholders are further referred to the circular to Shareholders
containing the full terms of the proposed B-BBEE Transaction ("the
Circular"), posted to Shareholders on Wednesday, 26 October 2011.
2. Results of general meeting
Shareholders are advised that following feedback from key Shareholders on
the terms of the proposed B-BBEE Transaction, the Company is considering
amending the lock-in period of the AECI Employees Share Trust from seven
years to ten years.
Accordingly, Shareholders are advised that at the general meeting held
today ("the General Meeting"), all the Special Resolutions as set out in
the notice of the General Meeting were withdrawn.
The following Ordinary Resolutions were approved by the requisite
majority of ordinary Shareholders:
- Ordinary Resolution number 1 relating to the placement of 4 678 667
AECI ordinary shares under the control of the directors and
authorising the directors to issue those shares only for the purpose
of the proposed transaction between AECI and a consortium led by
Kagiso Tiso Holdings Proprietary Limited (RF); and
- Ordinary Resolution number 2 authorising any director of AECI to
take all such action as may be necessary or incidental to give
effect to the resolutions proposed and passed.
3. Cautionary announcement
Shareholders are advised that a further announcement relating to the
outcome of the Company`s further consideration regarding the terms of the
proposed B-BBEE Transaction will be made in due course.
Accordingly, Shareholders are advised to exercise caution when dealing in
their AECI securities, until a further announcement in this regard is
made. It is anticipated that a general meeting to approve the revised
terms of the proposed B-BBEE Transaction, will take place in the first
quarter of 2012.
24 November 2011
Investment bank and transaction Attorneys and tax advisers
The Standard Bank of South Africa Webber Wentzel
Date: 24/11/2011 14:30:01 Supplied by www.sharenet.co.za
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