NMB Nmbz Holdings Ld

RNS Number:9418L
NMBZ Holdings Ld
22 October 2001
     

                               NMBZ HOLDINGS LIMITED

                      Result of Extraordinary General Meeting


NMBZ Holdings Limited (NMBZ) announces the result of the Extraordinary General
Meeting (EGM) held at 1500hrs on Friday, 19 October 2001, at which proposals
were tabled relating to a share split and a share buyback.

Proxies were received for the EGM from members covering a total of 22,226,527
shares, representing 74.94% of NMBZ's issued share capital.

The following special resolutions were adopted unanimously.  References in the
special resolutions to the term "the Company" apply to NMBZ.


Special Resolutions


1.    Share split

1.1   Authorised share capital

"that each of the 40 million ordinary shares of Z$3.50 in the authorised share
capital of the Company be and is hereby subdivided into 14 (fourteen) shares
of Z$0.25 each."


1.2   Issued share capital

"that the issued share capital of the Company be and is hereby amended from
29,713,650 ordinary shares with a nominal value of Z$3.50 each, to 415,991,100
ordinary shares with a nominal value of Z$0.25 each."


2.    Share Buy-back

2.1   that the existing shareholder approval granted to the
Company on Tuesday 29 May 2001 with respect to the buy-back of its shares be
cancelled and substituted with the following:


2.2   that the Company be authorised to purchase up to 56,000,000
of its own shares, at a price not less than the share's post-split nominal
value, and not more than the product of the Company's annual or twice the
half-yearly earnings per share after the share split, and twice the weighted
average historical price/earnings ratio of financial institutions quoted on
the Zimbabwe Stock Exchange, as at the purchase date, for the purposes of
cancelling the shares;


2.3   that a capital redemption reserve fund appropriated out of
revenue reserves standing from time to time in the books of the Company be
created;


2.4   that this share buy-back authority shall become effective as
at Friday 19 October 2001 and shall expire at the next Annual General Meeting
of the Company."

NMBZ will proceed with the share split as outlined above, based on shareholder
details as registered in NMBZ's books on Friday 19 October 2001.  New share
certificates will be mailed to shareholders on or about Friday 2 November
2001.


Existing share certificates bearing a nominal value of Z$3.50 each will
continue to be good for delivery a trade and shall remain so until they are
next traded, delivered or transferred, at which time existing certificates
shall be cancelled or replaced on a one-for-one basis with new shares bearing
a nominal value of  Z$0.25 each.


The share split becomes effective on Monday 22 October 2001.


22 October 2001



ENQUIRIES:

NMBZ Holdings Ltd                              Tel: +263 4759 6019
Otto Chebeche, Company Secretary

College Hill, London                        Tel: + 44 20 7457 2020
Corinna Dorward

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