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BDM - Buildmax Limited - Amendment to long term incentive plan as set out

Release Date: 20/03/2012 17:33
Code(s): BDM
Wrap Text

BDM - Buildmax Limited - Amendment to long term incentive plan as set out in circular BUILDMAX LIMITED Incorporated in the Republic of South Africa (Registration No. 1995/012209/06) Share Code: BDM ISIN Code: ZAE000011250 ("Buildmax" or "the Company") AMENDMENT TO LONG TERM INCENTIVE PLAN AS SET OUT IN CIRCULAR Buildmax shareholders ("Shareholders") are referred to the announcement dated 22 February 2012 and to the circular to Shareholders, dated 22 February 2012, pertaining to the: * non-binding advisory approval of the Remuneration Policy; and * adoption of the Buildmax Limited Long Term Incentive Plan ("LTIP") ("the Circular"). Annexure 2 to the Circular sets out extracts of the LTIP to be approved by Shareholders in general meeting on Monday, 26 March 2012 ("Proposed LTIP"). Shareholders are advised that the Board of Directors of Buildmax ("the Board") has taken the decision to amend Paragraph 5.1.1 of the Proposed LTIP as set out on page 27 to limit the aggregate number of Buildmax shares which may be allocated under the LTIP ("Allocated Shares") as to not exceed 192,500,000 at any one time (which is also discussed in paragraph 4.14 on page 10 of the Circular). This amendment serves to limit the Allocated Shares further than the proposed 300,000,000 shares as contained in the Circular on pages 10 and 27. Furthermore, Buildmax will endeavour to purchase a significant portion of the Buildmax shares required in terms of the LTIP in the open market in terms of the Board`s general authority to repurchase Buildmax shares as approved by Shareholders in the annual general meeting held on 11 November 2011, which repurchase will be conditional on the Company being able to re- issue such repurchased shares to Buildmax management for purpose of the LTIP in terms of prevailing regulatory requirements. 20 March 2012 Sponsor QuestCo (Pty) Limited Date: 20/03/2012 17:33:01 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.

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