To view the PDF file, sign up for a MySharenet subscription.

THE FOSCHINI GROUP LIMITED - Results of Annual General meeting

Release Date: 03/09/2012 16:39
Code(s): TFG     PDF:  
Wrap Text
Results of Annual General meeting

The Foschini Group Ltd
Registration number 1937/009504/06
Share codes: TFG-TFGP
ISIN codes: ZAE000148466 – ZAE000148516


RESULTS OF ANNUAL GENERAL MEETING
Shareholders are advised that, at the annual general meeting of
shareholders of The Foschini Group Ltd, which was held earlier
today, all resolutions as proposed in the notice of the annual
general meeting    were approved by the requisite majority of
members.

SPECIFIC REPURCHASE APPROVED IN TERMS OF SPECIAL RESOLUTION 3
Shareholders should take note that the share repurchase agreement
adopted by the boards of directors of the group companies
contemplates an effective date of 30 November 2012 (although this
date can be amended by written agreement between the parties).

Accordingly the salient dates are expected to be as follows:
Implementation of repurchase              Friday 30 November 2012
Cancellation of repurchased shares        Friday 30 November 2012
Results of repurchase on SENS             Monday 3 December 2012

In addition, shareholders are advised that it is a term of the
share repurchase agreement that either group company may resile
from the agreement in the event of a change in law which increases
any liability for tax of either group company arising out of the
share repurchase agreement, the consequence of which would be that
the share repurchase transaction is of no further force and effect.

The reason for this “change of law” condition is that a draft tax
amendment bill has been published, but not yet tabled before
Parliament.   The group companies in question have taken tax advice
on the implications of the proposed share repurchase but, we are
advised, the tax implications can only be determined with certainty
once the new tax legislation has been finalised.


Cape Town
3 September 2012


SPONSOR: UBS South Africa (Pty) Ltd

Date: 03/09/2012 04:39:00 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.

Share This Story