AFRICAN BANK INVESTMENTS LIMITED - Report on proceedings at the annual general meeting of African Bank Investments Limited

Report on proceedings at the annual general meeting of African Bank Investments Limited

African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
(“the Company”)


REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING OF AFRICAN
BANK INVESTMENTS LIMITED

At the annual general meeting of the shareholders of African Bank
Investments Limited held today, 6 February 2014, at 11h00 (“the
AGM”), all the ordinary and special resolutions proposed at the
AGM were approved by the requisite majority of votes, save for the
following:

  - in the SENS announcement dated 16 January 2014, shareholders
    were advised that Mr A Fourie and Mr TM Sokutu were to retire
    by rotation at the AGM and did not make themselves available
    for re-election and accordingly ordinary resolutions 2 and 3
    were withdrawn;

  - ordinary resolutions 7 and 8 pertaining to the terms and
    conditions of the proposed new share incentive schemes of the
    Company and the conversion of the existing LTIP to the new
    proposed share incentive schemes (which resolutions, in terms
    of the JSE Listings Requirements, required the approval of
    shareholders holding not less than 75% of the voting rights
    exercised) received 72% of votes in favour and accordingly
    were not passed.

While shareholders saw the new scheme as a significant improvement
on the existing long term incentive scheme, the board of directors
of the Company has been advised of the concerns of some of the
shareholders who voted against ordinary resolutions 7 and 8, which
in the main relate to the setting out of the range in respect of
the financial targets on which the incentive would be determined
at award date. The Company will further engage with such
shareholders to address these issues with the intention that
revised resolutions, if appropriate, would be tabled at a
subsequent special general meeting to be called subsequent to the
release of the Company’s interim results.

The special resolutions passed at the AGM will be lodged with the
Companies and Intellectual Property Commission in due course.


Midrand
6 February 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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