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SUBDIVISION OF AUTHORISED AND ISSUED ORDINARY SHARE CAPITAL - STANBIC

Release Date: 11/03/1998 08:20
Code(s): SBK SBKP
Wrap Text
STANDARD BANK INVESTMENT CORPORATION LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 69/17128/06)
("STANBIC" OR "THE COMPANY")

THE PROPOSED SUBDIVISION OF THE AUTHORISED AND ISSUED ORDINARY SHARE CAPITAL OF STANBIC 1. INTRODUCTION
STANDARD CORPORATE AND MERCHANT BANK IS AUTHORISED TO ANNOUNCE THAT, SUBJECT TO THE NECESSARY ORDINARY SHAREHOLDERS` APPROVAL, THE DIRECTORS OF STANBIC PROPOSE TO SUBDIVIDE EACH OF THE ORDINARY SHARES OF 100 CENTS IN THE AUTHORISED AND ISSUED ORDINARY SHARE CAPITAL OF STANBIC INTO 10 ORDINARY SHARES OF 10 CENTS EACH ("THE SUBDIVISION"). 2. THE SUBDIVISION 2.1 REASON FOR THE SUBDIVISION
THE DIRECTORS OF STANBIC ARE OF THE OPINION THAT THE SUBDIVISION WILL INCREASE THE AFFORDABILITY AND MARKETABILITY OF THE STANBIC ORDINARY SHARES LISTED ON THE JOHANNESBURG STOCK EXCHANGE ("JSE") AND THE NAMIBIAN STOCK EXCHANGE ("NSE") 2.2 EFFECT OF THE SUBDIVISION
THE SUBDIVISION SHOULD HAVE THE EFFECT OF REDUCING THE MARKET PRICES OF THE STANBIC ORDINARY SHARES ON THE JSE AND THE NSE TO APPROXIMATELY ONE-TENTH OF THE PREVAILING MARKET PRICES. STANBIC ORDINARY SHAREHOLDERS WILL, AFTER THE SUBDIVISION, HOLD TEN TIMES THE NUMBER OF STANBIC ORDINARY SHARES WHICH THEY HELD PRIOR TO THE SUBDIVISION. THE AGGREGATE MARKET VALUE OF THEIR INVESTMENT IN STANBIC SHOULD NOT BE AFFECTED BY THE SUBDIVISION. 2.3 EFFECTIVE DATE OF THE SUBDIVISION
THE EFFECTIVE DATE OF THE SUBDIVISION WILL BE MONDAY, 4 MAY 1998, ON WHICH DATE THE AMENDMENT OF THE LISTING OF STANBIC ON THE JSE AND THE NSE WILL TAKE PLACE. 2.4 CONDITIONS PRECEDENT
THE SUBDIVISION IS SUBJECT TO THE APPROVAL OF STANBIC ORDINARY SHAREHOLDERS BY SPECIAL RESOLUTION IN GENERAL MEETING, REGISTRATION OF SUCH RESOLUTION BY THE REGISTRAR OF COMPANIES, WRITTEN CONSENT BY THE REGISTRAR OF BANKS AND THE APPROVALS OF THE JSE AND THE NSE. 3. GENERAL MEETING AND CIRCULAR
A GENERAL MEETING OF STANBIC SHAREHOLDERS WILL BE HELD AT 12:30 OR IMMEDIATELY AFTER THE ANNUAL GENERAL MEETING TO BE HELD AT 12:15, WHICHEVER TIME IS THE LATER, ON WEDNESDAY, 15 APRIL 1998 AT HP DE VILLIERS AUDITORIUM, STANDARD BANK CENTRE, 6 SIMMONDS STREET, JOHANNESBURG ("THE GENERAL MEETING"), IN ORDER TO CONSIDER THE RESOLUTION REQUIRED TO GIVE EFFECT TO THE SUBDIVISION. A CIRCULAR SETTING OUT THE TERMS, CONDITIONS AND PROCEDURES RELATING TO THE SUBDIVISION, AND CONVENING THE GENERAL MEETING, WILL BE POSTED TO ALL STANBIC SHAREHOLDERS ON OR ABOUT WEDNESDAY, 18 MARCH 1998. JOHANNESBURG 11 MARCH 1998 MERCHANT BANK SCMB SPONSORING BROKERS STANDARD EQUITIES (PTY) LTD MERRILL LYNCH / SMITH BORKUM HARE SPONSORING BROKER IN NAMIBIA WIKUS HANEKOM ATTORNEYS BOWMAN GILFILLAN HAYMAN GODFREY

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