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Scheme of Arrangement – Capital and Credit Merchant Bank Ltd ( CCMB) & Capital & Credit Financial Group Ltd (CCFG)

Capital & Credit Merchant Bank Limited (CCMB) has advised that pursuant to Court Order dated February 14 & February 19, 2008, the meeting of the Shareholders of CCMB was held on March 31, 2008 at 10:00 a.m. at the Terra Nova All Suite Hotel. The result of the meeting is as follows:

1. The Scheme of Arrangement dated February 20, 2008 proposed to be made between the Bank and its stockholders was considered at the Meeting.

2.  The following resolution was submitted to the Meeting: “That this Meeting approves the Scheme of Arrangement outlined in the Scheme document and further explained in the Explanatory Statement sent out with the Notice summoning this Meeting.”

3.  That the Meeting of the holders of the ordinary shares of the Bank was attended either personally or by proxy by 68 holders of such shares and one person abstained from voting at the Meeting.

4.  Of the 68 members present in person or by proxy, 67 or 98.5% voted in favour of the Scheme and of the total number of votes cast (that is, 46,837,837), 46,830,336 or 99.98% voted in favour of the Scheme. 

On completion of the Scheme of Arrangement – Capital & Credit Merchant Bank Limited (CCMB) and Capital & Credit Financial Group Limited (CCFG), stockholders appearing on the Register of Members as at April 2, 2008 will be allotted/credited as fully paid the appropriate number of CCFG Ordinary Shares in the Group Company in exchange for their CCMB Ordinary Shares and the appropriate number of CCMB Preference Shares as a bonus issue.