LABAT AFRICA LIMITED - RESULTS OF GENERAL MEETING

LABAT AFRICA LIMITED
(FORMERLY ACREM HOLDINGS LIMITED)

(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA ON 21 APRIL 1986)
(REGISTRATION NUMBER 86/01616/06)
("THE COMPANY" OR "LABAT AFRICA")

RESULTS OF GENERAL MEETING AND SURRENDER OF EXISTING SHARE CERTIFICATES
1. RESULTS OF GENERAL MEETING

AT THE GENERAL MEETING OF SHAREHOLDERS HELD ON THURSDAY, 10 JUNE 1999,
RESOLUTIONS WERE DULY PASSED BY THE REQUISITE MAJORITY OF SHAREHOLDERS, AND
WHERE APPLICABLE, HAVE BEEN REGISTERED BY THE REGISTRAR OF COMPANIES, NECESSARY
FOR, INTER ALIA:

1.1 THE ACQUISITION BY THE COMPANY OF THE BUSINESS OF LABAT ANDERSON (SA) (PTY)
LIMITED AND THE ENTIRE ISSUED SHARE CAPITAL OF LABAT COMMUNICATIONS (PTY)
LIMITED ("THE ACQUISITION");

1.2 THE SUBDIVISION OF THE COMPANY'S EXISTING 3 877 600 ORDINARY SHARES OF 20
CENTS EACH INTO 19 388 000 SHARES OF 4 CENTS EACH ("THE SUBDIVISION");
1.3 REDUCTION IN THE PAR VALUE OF EACH SUBDIVIDED SHARE FROM 4 CENTS TO 1 CENT;
AND

1.4 THE CHANGE OF NAME FROM ACREM HOLDINGS LIMITED TO LABAT AFRICA LIMITED.
2. STOCK EXCHANGE LISTINGS
2.1 THE JSE HAS AGREED TO:

- AMEND THE LISTING OF THE COMPANY'S EXISTING 3 877 600 ORDINARY SHARES OF 20
CENTS EACH FOR THE SUBDIVISION INTO 19 388 000 SHARES OF 4 CENTS EACH AND THE
CHANGE OF NAME AND TO TRANSFER THE COMPANY'S SECTOR OF LISTING UNDER THE
ABBREVIATED NAME "LABAT" TO THE "VENTURE CAPITAL MARKET" OF THE JSE LIST; AND
- GRANT A LISTING FOR 137 777 777 SUB-DIVIDED SHARES OF 4 CENTS EACH TO BE
ISSUED IN TERMS OF THE ACQUISITION, 21 388 887 SUBDIVIDED SHARES OF 1 CENT EACH
TO BE ISSUED FOR CASH IN TERMS OF SPECIFIC CASH ISSUES AND 4 166 667 SUBDIVIDED
SHARES OF 1 CENT EACH TO BE ISSUED TO THE LABAT AFRICA SHARE INCENTIVE SCHEME,
RESULTING IN 182 721 331 SUBDIVIDED SHARES OF 1 CENT EACH (AFTER THE REDUCTION
IN THE PAR VALUE OF EACH SUB-DIVIDED SHARE OF 4 CENTS TO 1 CENT IN TERMS OF
1.3) BEING LISTED WITH EFFECT FROM THE COMMENCEMENT OF BUSINESS ON MONDAY, 14
JUNE 1999.

2.2 ONLY NEW DOCUMENTS OF TITLE REFLECTING THE CHANGE OF NAME AND THE

SUBDIVISION WILL BE GOOD FOR DELIVERY ON THE JSE FROM THE COMMENCEMENT OF
BUSINESS ON MONDAY, 14 JUNE 1999.
3. SURRENDER OF SHARE CERTIFICATES

3.1 SHAREHOLDERS WHO HAVE NOT ALREADY DONE SO, ARE REQUESTED TO SURRENDER THEIR
EXISTING SHARE CERTIFICATES IN ACCORDANCE WITH THE INSTRUCTIONS SET OUT BELOW
IN ORDER TO RECEIVE SHARE CERTIFICATES ISSUED IN THE NAME OF LABAT AFRICA
LIMITED AND FOR THE NUMBER OF SHARES ADJUSTED FOR THE SUBDIVISION.

3.2 A COPY OF THIS ANNOUNCEMENT TOGETHER WITH A FORM OF SURRENDER WILL BE
DISPATCHED TO ALL SHAREHOLDERS TODAY. THE FORM OF SURRENDER MUST BE COMPLETED
AND RETURNED, TOGETHER WITH RELEVANT SHARE CERTIFICATE/S AND/OR OTHER

DOCUMENT/S OF TITLE, TO MERCANTILE REGISTRARS LIMITED, EXCHANGES DEPARTMENT,
7TH FLOOR, 11 DIAGONAL STREET, JOHANNESBURG 2001, (P O BOX 1053, JOHANNESBURG
2000). THE TRANSFER SECRETARIES WILL, WITHIN FIVE BUSINESS DAYS OF THE RECEIPT
OF THE DULY SIGNED FORM OF SURRENDER AND THE SHARE CERTIFICATE/S WHICH MUST
ACCOMPANY IT, SEND A SHARE CERTIFICATE IN RESPECT OF THE NUMBER OF SHARES TO
WHICH A SHAREHOLDER IS ENTITLED AFTER THE SUBDIVISION AT THEIR RISK, BY
REGISTERED MAIL TO THE ADDRESS OF THE SHAREHOLDERS CONCERNED AS SHOWN IN THE
COMPANY'S REGISTER OF SHAREHOLDERS, OR TO ANY OTHER ADDRESS AS INSTRUCTED IN
WRITING.

3.3 IN TERMS OF THE EXCHANGE CONTROL REGULATIONS OF THE REPUBLIC OF SOUTH
AFRICA, DOCUMENTS OF TITLE TO BE ISSUED TO:

3.3.1 NON-RESIDENT OR EMIGRANT SHAREHOLDERS WILL BE RESTRICTIVELY ENDORSED IN
TERMS OF THOSE REGULATIONS; AND

3.3.2 EMIGRANT SHAREHOLDERS WILL BE PLACED UNDER THE CONTROL OF THE AUTHORISED
BANK DEALING IN FOREIGN EXCHANGE IN THE REPUBLIC OF SOUTH AFRICA NOMINATED BY
THAT SHAREHOLDER. IT FOLLOWS THEREFORE THAT THE AUTHORISED DEALER RELEASING
BLOCKED SHARES MUST COUNTERSIGN THE FORM OF SURRENDER, THEREBY INDICATING THAT
THE NEW SHARE CERTIFICATES WILL BE PLACED UNDER THEIR CONTROL.

3.4 NEW SHARE CERTIFICATES WILL NOT BE DISPATCHED TO ALL SHAREHOLDERS BEFORE
SHAREHOLDERS HAVE SURRENDERED THEIR CERTIFICATE/S IN RESPECT OF THE SHARES HELD
BY THEM, PROVIDED THAT IF ANY SHAREHOLDER PRODUCES EVIDENCE TO THE SATISFACTION
OF THE COMPANY THAT THE CERTIFICATE IN RESPECT OF ANY SHARES HAS BEEN LOST OR
DESTROYED, THE COMPANY MAY DISPENSE WITH THE SURRENDER OF SUCH CERTIFICATE
AGAINST THE PROVISION OF AN INDEMNITY ACCEPTABLE TO THE COMPANY, THE COSTS OF
WHICH INDEMNITY SHALL BE BORNE BY THE SHAREHOLDER CONCERNED.
JOHANNESBURG
10 JUNE 1999
INVESTMENT BANK
PSG INVESTMENT BANK LIMITED
(REGISTRATION NUMBER 98/17396/06)
CORPORATE ADVISER
LABAT FINANCIAL SERVICES

(A DIVISION OF LABAT ANDERSON (SA) (PROPRIETARY) LIMITED)
(REGISTRATION NUMBER 86/01616/06)
ATTORNEYS
FLUXMAN RABINOWITZ RAPHAELY WEINER ATTORNEYS
SPONSORING BROKER
IRISH & MENELL ROSENBERG (PROPRIETARY) LIMITED
(REGISTRATION NUMBER 98/14853/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
AUDITORS AND REPORTING ACCOUNTANTS
KMMT BREY
WESTERN CAPE (INC)
CHARTERED ACCOUNTANTS (SA)