BOWCALF - RESULTS OF CAPITALISATION AWARD

RESULTS OF CAPITALISATION AWARD AND RIGHT OF ELECTION TO RECEIVE A FINAL
DIVIDEND OF 1,95 CENTS PER SHARE IN LIEU THEREOF
BOWLER METCALF LIMITED
(REGISTRATION NUMBER 72/05921/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("BOWCALF")

RESULTS OF CAPITALISATION AWARD AND RIGHT OF ELECTION TO RECEIVE A FINAL
DIVIDEND OF 1,95 CENTS PER SHARE IN LIEU THEREOF

HSBC SIMPSON MCKIE (PTY) LIMITED IS AUTHORISED TO ANNOUNCE THAT THE RIGHT OF
SHAREHOLDERS REGISTERED AT THE CLOSE OF BUSINESS ON FRIDAY, 3 APRIL 1998 TO
ELECT TO RECEIVE A FINAL DIVIDEND OF 1,95 CENTS PER ORDINARY SHARE AND 'N'
ORDINARY SHARE ("THE SHARES") INSTEAD OF THE AWARD OF CAPITALISATION SHARES,
CLOSED AT 14:00 ON THURSDAY, 30 APRIL 1998.

ELECTIONS TO RECEIVE THE FINAL CASH DIVIDEND OF 1,95 CENTS PER SHARE WERE MADE
IN RESPECT OF 50 212 SHARES RESULTING IN THE DECLARATION OF A TOTAL DIVIDEND OF
R97 914. ACCORDINGLY, 1 209 461 NEW 'N' ORDINARY SHARES ("THE NEW 'N' ORDINARY
SHARES") OUT OF A POSSIBLE 1 284 779 NEW 'N' ORDINARY SHARES ARE TO BE ISSUED
PURSUANT TO THE CAPITALISATION SHARE AWARD, BEING A 94,1% ACCEPTANCE OF SUCH
AWARD.

FOLLOWING THE ISSUE OF THE NEW 'N' ORDINARY SHARES THE ISSUED SHARE CAPITAL OF
BOWCALF WILL CONSIST OF 58 310 153 'N' ORDINARY SHARES OF 0,037 CENTS EACH AND
28 550 646 ORDINARY SHARES OF 37 CENTS EACH.
LISTING OF NEW 'N' ORDINARY SHARES

THE LISTING OF 1 209 461 'N' ORDINARY SHARES IN BOWCALF WILL COMMENCE ON THE
JOHANNESBURG STOCK EXCHANGE FROM THE COMMENCEMENT OF BUSINESS ON WEDNESDAY, 6
MAY 1998.
POSTING OF SHARE CERTIFICATES AND CHEQUES

SHARE CERTIFICATES IN RESPECT OF NEW 'N' ORDINARY SHARES AND CHEQUES IN RESPECT
OF DIVIDENDS AND/OR PAYMENTS IN LIEU OF FRACTIONAL ENTITLEMENTS TO NEW 'N'
ORDINARY SHARES WILL BE POSTED TO THE RELEVANT SHAREHOLDERS ON OR ABOUT
WEDNESDAY, 6 MAY 1998.
CAPE TOWN
4 MAY 1998
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