UNI - Universal Industries Corporation Limited - Update on BCE acquisition,

UNI - Universal Industries Corporation Limited - Update on BCE acquisition,     
proposed amendments to the existing share option scheme, proposed adoption of   
new assisted share purchase scheme and notice of general meeting                
UNIVERSAL INDUSTRIES CORPORATION LIMITED                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/004343/06)                                            
JSE code: UNI: ISIN: ZAE000110664                                               
("Universal")                                                                   
UPDATE ON BCE ACQUISITION, PROPOSED AMENDMENTS TO THE EXISTING SHARE OPTION     
SCHEME, PROPOSED ADOPTION OF NEW ASSISTED SHARE PURCHASE SCHEME AND NOTICE OF   
GENERAL MEETING                                                                 
BCE TRANSACTION UPDATE                                                          
Shareholders are referred to the announcement released on SENS on 9 June 2010   
advising that Universal had concluded an agreement with Investec Bank Limited,  
Cida BCE Investments (Proprietary) Limited, the Boner Family Trust and the L M  
Nestadt Trust (collectively, the "sellers") to acquire all of the shares and    
claims on loan account against BCE Foodservice Equipment (Proprietary) Limited  
(the "BCE transaction").                                                        
Pursuant to an adjustment mechanism provided for in the BCE acquisition         
agreement, the purchase price payable in terms of the BCE transaction has been  
reduced from R224 550 000 by an amount of R312 797 to R224 237 205.             
PROPOSED AMENDMENTS TO THE EXISTING SHARE OPTION SCHEME AND ADOPTION OF A NEW   
ASSISTED SHARE PURCHASE SCHEME                                                  
The Universal board proposes:                                                   
-    the amendment of the Universal Industries Group Executive Incentive Scheme,
    adopted by Universal on 7 November 2007, in order to comply with the        
    revised Listings Requirements of the JSE Limited; and                       
-    the adoption of a new executive assisted share purchase incentive scheme   
    (The Universal Assisted Share Purchase Scheme) to operate for the benefit   
    of the executives (including executive directors) of Universal and its      
    subsidiaries.                                                               
NOTICE OF GENERAL MEETING                                                       
Shareholders are advised that a circular to Universal shareholders in respect of
the BCE acquisition, the proposed amendments to the existing share option scheme
and the proposed adoption of the new assisted share purchase scheme, containing 
a notice of general meeting (to be held at 12h00 on Friday, 20 August 2010 at   
the offices of PKF (Jhb) Inc. 42 Wierda Road West, Wierda Valley, Sandton) was  
dispatched today.                                                               
29 July 2010                                                                    
Corporate advisor, legal advisor and sponsor                                    
Java Capital                                                                    
Date: 29/07/2010 10:09:15 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.