BFS - Blue - Results of the meeting of shareholders held on Friday 25 February

BFS - Blue - Results of the meeting of shareholders held on Friday 25 February  
2011                                                                            
Blue Financial Services Limited                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration Number: 1996/006595/06)                                           
JSE Share code:  BFS                                                            
ISIN: ZAE000083655                                                              
("Blue" or the "Company")                                                       
RESULTS OF THE MEETING OF SHAREHOLDERS HELD ON FRIDAY 25 FEBRUARY 2011          
1.   INTRODUCTION                                                               
    1.1  Shareholders are referred to the update announcement released on the   
Securities Exchange News Service ("SENS") of the JSE Limited ("JSE")   
         on Thursday, 10 February 2011 ("10 February 2011 announcement") in     
         connection with, inter alia, the following:                            
    1.1.1     the Early Conversion, RenAsset Conversion, Pinebridge Specific    
Issue and the proposed R50 million Blue BEE Transaction; and      

    1.1.2     the posting of the circular to Blue shareholders dated 10         
              February 2011 containing details of the Early Conversion,         
              RenAsset Conversion, Pinebridge Specific Issue and the Blue BEE   
Transaction ("Circular") and incorporating a notice of general    

              meeting convening a shareholder`s meeting to be held at 09h30 on  
              Friday, 25 February 2011 at the registered office of the Company  
              ("Notice of General Meeting").                                    
1.2  The Early Conversion, RenAsset Conversion, Pinebridge Specific Issue   
         and the Blue BEE Transaction are collectively referred to in this      
         announcement as the "Transaction").                                    
2.   RESULTS OF SHAREHOLDERS MEETING                                            
Shareholders are hereby advised that the general meeting of Blue            
    shareholders held on Friday, 25 February 2011 (the "shareholders meeting")  
    was duly constituted and at this meeting, ordinary resolution numbers 1 to  
    7 required to approve the Transaction, were passed by the requisite         
majority, which in all instances exceeded 98% of the votes of shareholders  
    present in person or represented by proxy.                                  
    Ordinary resolution number 8 which proposed that the definition of Dilution 
    Shares as contained in the Recapitalisation Circular be amended, was        
withdrawn.                                                                  
3.   FULFILLMENT OF ALL CONDITIONS PRECEDENT                                    
    All the conditions precedent that are required to be fulfilled in order for 
    the Transaction to become effective, have been fulfilled, and accordingly   
the Company has applied to the JSE for the listing of 3,913,773,450         
    Ordinary Shares arising from the Early Conversion, RenAsset Conversion,     
    Pinebridge Specific Issue and the consequent issue of Anti-dilution shares  
    to Mayibuye Group (Proprietary) Limited, Blue`s controlling shareholder,    
which shares are to commence trading on the JSE with effect from today, 28  
    February 2011.                                                              
4.   BLUE BEE TRANSCTION                                                        
    As advised in paragraph 2 above, Blue is pleased to announce that the       
ordinary resolutions required to approve the Blue BEE Transaction were      
    passed with overwhelming support (98%) by the requisite majority. The       
    Company`s objective in the medium term is to raise Blue`s BEE rating to a   
    Level 3 of which BEE equity ownership will comprise a key element.          
Accordingly, the Company is of the view that the proposed Blue BEE          
    Transaction will greatly benefit Blue as it will significantly improve the  
    BEE status of the Company and reinforce Blue`s stated commitment to         
    transformation.  Furthermore it will also assist the Company in the         
implementation of its turnaround strategy which involves inter alia,        
    improving the financial strength of its balance sheet pursuant to the       
    implementation of the debt equity conversion proposed in terms of the Blue  
    BEE Transaction.                                                            
Pretoria                                                                        
28 February 2011                                                                
Designated adviser to Blue                                                      
Grindrod Bank Limited                                                           
Financial adviser to Blue                                                       
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited                  
Date: 28/02/2011 08:00:15 Supplied by www.sharenet.co.za                     
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