Gleaner investments Ltd. (1834) – Capitalization

At the annual general meeting on May 9, it was resolved that the capitalization of the sum of $481,800, part of the undividend profit of the company, which was used to issue 963,600 bonus shares to the Gleaner Employees’ Investment Trust and employees on December 29, 1995 be approved in keeping with the resolution to issue 3 shares for every 5 ordinary shares; and that the conversion of the ordinary shares was also ratified.

It was also resolved that a capital distribution of 6.5 cents per share (less Transfer Tax of 7.5%) which should have been paid on the additional 963,600 stock units issued to the Gleaner Employees’ Investment Trust and the affected employees be paid. This dividend is in respect of that declared to shareholders on record as at January 26, 1996.