BFS - Blue Financial Services Limited - Results of the meeting of shareholders

BFS - Blue Financial Services Limited - Results of the meeting of shareholders  
held on Friday, 29 June 2012                                                    
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")                                                       
RESULTS OF THE MEETING OF SHAREHOLDERS HELD ON FRIDAY, 29 JUNE 2012             
1    INTRODUCTION                                                               
    Blue shareholders are referred to the announcement released on the          
Securities Exchange News Service of the JSE Limited ("JSE") on 30 May 2012  
    advising shareholders of the posting of the circular detailing the Second   
    Early Conversion and incorporating the notice of the shareholders` meeting. 
2    RESULTS OF SHAREHOLDERS` MEETING                                           
Shareholders are hereby advised that the general meeting of Blue            
    shareholders held on Friday, 29 June 2012 was duly constituted and at this  
    meeting, ordinary resolution numbers 1 to 5 and special resolutions 1 and 2 
    required to approve the Second Early Conversion, were unanimously passed by 
the requisite majority, which in all instances equalled 100% of the votes   
    of shareholders present in person or represented by proxy.                  
    The special resolutions will be filed with the Companies and Intellectual   
    Property Commission in due course.                                          
3    FULFILLMENT OF ALL CONDITIONS PRECEDENT                                    
    All the conditions precedent that are required to be fulfilled in order for 
    the Second Early Conversion to become effective, have been fulfilled, and   
    accordingly the Company has applied to the JSE for the listing of           
1,870,890,586 Ordinary Shares arising from the issue of -                   
    *    366,849,155 ordinary shares to Nederlandse Financierings Maatschappij  
         voor Ontwikkelingslanden N.V. (Dutch Development Bank), a related      
         party;                                                                 
*    67,415,730 ordinary shares to National Housing Finance Corporation SOC 
         Limited;                                                               
    *    292,045,496 ordinary shares to OPEC Fund for International             
         Development;                                                           
*    187,898,616 ordinary shares to WorldBusiness Capital Inc.; and         
    *    the consequent issue of 956,681,589 Anti-dilution Shares on a fully    
         diluted basis to Mayibuye Group (Proprietary) Limited, the controlling 
         shareholder of Blue.                                                   
The shares are expected to commence trading on the JSE with effect on       
    Tuesday, 3 July 2012.                                                       
Johannesburg                                                                    
29 June 2012                                                                    
Designated adviser to Blue                                                      
Grindrod Bank Limited                                                           
Financial adviser to Blue                                                       
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited                  
Date: 29/06/2012 16:00:04 Supplied by www.sharenet.co.za                     
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