BFS - Blue - Posting of Circular and Notice of General Meeting

BFS - Blue - Posting of Circular and Notice of General Meeting                  
Blue Financial Services Limited                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration Number: 1996/006595/06)                                           
JSE Share code:  BFS                                                            
ISIN: ZAE000083655                                                              
("Blue" or the "Company")                                                       
POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING                               
1    INTRODUCTION                                                               
    Shareholders are referred to the terms announcement released on the         
    Securities Exchange News Service of the JSE Limited on 21 May 2012 in which 
Blue shareholders were advised that Blue had entered into an agreement      
    ("the Second Early Conversion Agreement") with certain of its existing      
    funders ("Converting Lenders") regarding the continued financial            
    restructuring of the Company through -                                      
(i)  the conversion up to a maximum amount of R452 million of existing debt 
         by way of a proposed specific issue to the Converting Lenders of up to 
         a maximum of 1,015,655,919 Blue ordinary shares ("Ordinary Shares")    
         for cash at an issue price of 44.5 cents per Ordinary Share, being the 
30-day volume weighted average price ("VWAP") of Ordinary Shares       
         ruling at the date of signing of the Second Early Conversion           
         Agreement; and                                                         
    (ii)      the consequent issue of up to a maximum of 1,062,269,202 Anti-    
dilution shares at par value to Mayibuye ("the Second Early       

              Conversion").                                                     
2    POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING                          
    Shareholders are hereby notified that the circular setting out the full     
details of the Second Early Conversion was posted to shareholders today, 30 
    May 2012.  The circular incorporates a notice convening a general meeting   
    of shareholders to be held at 09h30 on Friday, 29 June 2012 at Mayibuye     
    Place, 355 Kent Avenue, Randburg in order to consider and if deemed fit,    
pass with or without modification, the special and ordinary resolutions     
    contained therein, all of which are required to procure the implementation  
    of the Second Early Conversion.                                             
3    RECORD DATE                                                                
The record date in terms of section 59(1)(a) of the Companies Act, 2008     
    (Act No. 71 of 2008) ("the Act") for shareholders to be recorded in the     
    Blue shareholders` register in order to have been sent the circular         
    referred to in paragraph 2 above was Friday, 18 May 2012.                   
The record date in terms of section 59(1)(b) of the Act for shareholders to 
    be recorded in the Blue shareholders` register in order to be able to       
    attend, participate and vote at the general meeting referred to in          
    paragraph 2 above is Friday, 22 June 2012.                                  
Johannesburg                                                                    
30 May 2012                                                                     
Designated Adviser                                                              
Grindrod Bank Limited                                                           
Date: 30/05/2012 16:40:01 Supplied by www.sharenet.co.za                     
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