GSE Notice PR No. 009/2003 on Clearing and Settlement

COMMENCEMENT OF T + 3 CLEARING AND SETTLEMENT ON TRIAL BASIS AT THE GHANA STOCK EXCHANGE (GSE)

The general investing public is informed that with effect from Monday, February 3, 2003, there has been a change in the settlement cycle of trades done on the floor of the Exchange. This change is currently on trial basis only.

During the trial period, trades executed on trading day (T) will now settle 3 business days after the transaction (T + 3) instead of the previous arrangement of settling trades 5 business days after the transaction (T + 5).

This means that currently a broker will pay for shares bought for a customer or deliver shares sold and receive payment from the buyer’s broker on the third full business day following the date of the transaction instead of the previous waiting period of 5 business days.

It is expected that the new arrangement of settling trades on T + 3 will move our market forward to conform to the internationally accepted standard practice of settlement as per the G30 recommendations. It is one of the measures being undertaken to improve efficiency and liquidity on the stock market.

Issued at Accra, this 17th day of February 2003.

Distribution

1. LDMs

2. General Public

3. Company Secretaries

4. Registrars

5. SEC

6. GSE Notice Board

For enquiries, Contact:

General Manager, GSE on 669908,669914,669935; or

Senior Manager, GSE on 669908, 669914, 669935