Finbond Group Limited announced yesterday that shareholders have overwhelmingly approved all proposed special resolutions related to the repurchase of shares from related parties. The results were disclosed following the general meeting held on December 8, 2023.
At the heart of the meeting were two critical special resolutions: Special Resolution number 1, granting specific authority to repurchase shares from Net1, and Special Resolution number 2, providing the same authority for repurchasing shares from MIT. The votes cast reflected a resounding endorsement from shareholders, with both resolutions receiving an approval rate of 99.998%.
| Special Resolutions | For | Against | Abstentions | Shares Voted |
|---|---|---|---|---|
| Special Resolution 1 | 99.998% | 0.002% | 0.002% | 79.939% |
| Special Resolution 2 | 99.998% | 0.002% | 0.002% | 81.902% |
The total number of issued ordinary shares present at the meeting was 458,544,386, representing 79.94% and 81.90% of the total votable ordinary shares for Special Resolutions 1 and 2, respectively.
Following the resounding approval, Finbond has outlined the remaining salient dates and times pertaining to the share repurchase. Shareholders who voted against the special resolutions have specific dates to exercise their rights, including the option to require court approval and make applications for a review. If no objections are raised, the anticipated relevant dates for the repurchase are as follows:
| Event | Date |
|---|---|
| Compliance certificate from the TRP | Thursday, December 28, 2023 |
| Finalisation announcement on SENS | Thursday, December 28, 2023 |
| Finalisation announcement in the press | Friday, December 29, 2023 |
| Expected implementation date of the Repurchase | On or about December 29, 2023 |
| Delisting application lodged with the JSE | Friday, December 29, 2023 |
| Termination of listing at the commencement of trading | On or about January 5, 2024 |
The Independent Board and the Board, in separate statements, have accepted full responsibility for the accuracy of the information disclosed. Both boards assert that the information provided is true and complete to the best of their knowledge, with no omissions that would render any statement false or misleading. This assurance aligns with legal requirements, Takeover Regulations, and the JSE Listings Requirements.
The resounding support from shareholders for the share repurchase resolutions indicates a high level of confidence in Finbond’s strategic decisions. As the company moves forward with the repurchase, attention will turn to the anticipated dates for compliance certification, finalization announcements, and the expected termination of the listing.
Finbond’s proactive approach to shareholder engagement and the transparent communication of these developments contribute to maintaining trust and transparency in the South African financial market.
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