GLOBAL ASSET MANAGEMENT LIMITED - Specific Issue of Shares for Cash to ARC - Voting Results

Specific Issue of Shares for Cash to ARC - Voting Results

GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM          ISIN: ZAE000173498
("Global")


SPECIFIC ISSUE OF SHARES FOR CASH TO ARC – VOTING RESULTS


Shareholders are referred to the announcement published earlier today, 7 March 2019, regarding
the specific issue of shares for cash to UBI General Partner Proprietary Limited, on behalf of the ARC
Fund (“ARC”), an en commandite partnership associated with African Rainbow Capital Investments
Limited (“Earlier Announcement”). Capitalised terms used herein will bear the same meaning as
defined in the Earlier Announcement.

The board of directors of Global is pleased to advise that both the Specific Issue Ordinary Resolution
and the Enabling Resolution, which required at least 75% (in respect of the former) and 50% plus one
vote (in respect of the latter) of all the voting rights exercised on such resolutions in accordance with
the JSE Listings Requirements for the approval thereof, have been passed by the requisite majority of
Global shareholders by Written Consent. The Notice in respect hereof was included in the circular
distributed to shareholders on 7 March 2019.

The resolutions proposed in terms of the Notice, together with the percentage of votes carried for
and against each resolution, are set out in the table below:

                                                % of shares
                                                      voted                                      Abstain
                                     Total      relative to            For        Against   (% of issued
                                 number of     total shares    (% of total    (% of total          share
 Resolution proposed            votes cast       in issue *    votes cast)    votes cast)       capital)
 
 Ordinary Resolution 1          46 288 050         82. 17%      46 288 050              -              -
 Specific issue of shares                                        (100.00%)        (0.00%)        (0.00%)
 for cash to ARC
 
 Ordinary Resolution 2          46 288 050          82.17%      46 288 050              -              -
 Enabling resolution                                             (100.00%)        (0.00%)        (0.00%)

* Based on 75 659 069 shares in issue, excluding 19 323 671 shares held by ARC, which was
   precluded from voting.

As a result of the Specific Issue becoming unconditional, the issue of the Subscription Shares to ARC
will result in ARC holding an effective shareholding in Global of approximately 45.30% of Global’s
entire issued ordinary share capital, triggering the requirement for a mandatory offer by ARC to the
remaining Global shareholders in terms of section 123 of the Companies Act. A separate
announcement in this regard will be made imminently.

Johannesburg
7 March 2019

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 07/03/2019 05:05:00 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.