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FWD - Freeworld Coatings Limited - Adjournment of Annual General Meeting ("AGM") of Freeworld shareholders FREEWORLD COATINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 2007/021624/06 Share code: FWD ISIN: ZAE000109450 ("Freeworld" or the "Company") ADJOURNMENT OF ANNUAL GENERAL MEETING ("AGM") OF FREEWORLD SHAREHOLDERS The AGM of Freeworld shareholders which commenced as scheduled at 11:00 today, was adjourned by the chairman of the meeting prior to any of the resolutions set out in the Notice of the meeting being considered. The meeting has been adjourned until 14:30 on 28 April 2011, at The Saxon, 36 Saxon Road, Sandhurst, Sandton. The grounds for adjournment appear from the statement read out by the chairman at the meeting, as follows: "A very substantial majority of this Company`s shareholders have accepted the Kansai offer for their shares. This offer is now subject only to the determination of the Competition Commission. This determination will be made by no later than 18 April 2011. Should Kansai, which directly holds substantial shares, and those parties that have provided Kansai with irrevocable commitments to vote on a specified basis, seek to vote their shares on a concerted basis prior to the Competition Commission`s determination, the Board has been advised that this may constitute prior implementation of the proposed transaction. This would contravene section 13A(3) of the Competition Act, and both Kansai and the target company (Freeworld) could face substantial fines. Our competition law advisors have discussed this issue with the Competition Commission and the Commission`s view is that in the circumstances it would be prudent to adjourn the meeting until the Competition Commission has rendered its decision on Kansai`s application to acquire a majority interest in Freeworld. I do not wish to restrict the rights of a substantial group of shareholders to participate fully and freely in the AGM and in light of a possible illegality I am invoking my inherent right as Chairman to adjourn today`s AGM to 28 April 2011, just over a week after the Competition Commission will have made its decision in this regard available. Proxy votes will remain unaffected by the adjournment. I will be seeking a meeting with Kansai after the Competition Commission`s ruling and before we resume the AGM. The purpose of this meeting will be to ensure the fullest possible participation of all shareholders. The meeting is adjourned until 14:30 on 28 April 2011 at the same venue." Johannesburg 31 March 2011 Sponsor to Freeworld RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 31/03/2011 13:20:01 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.
