EXHIBIT 99.20
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
Banro Corporation
1 First Canadian Place
Suite 7070, 100 King Street
West Toronto, Ontario
M5X 1E3
Item 2 Date of Material Change
December 8, 2004
Item 3 News Release
The news release was issued on December 8, 2004 through Canada
NewsWire.
Item 4 Summary of Material Change
See item 5 below.
Item 5 Full Description of Material Change
Banro Corporation (the "Company") announced on December 8, 2004 that
it intends to carry out a subdivision of its outstanding common shares
by changing each one of the outstanding common shares of the Company
into two common shares of the Company (the "Stock Split"). The
Company's management believes that the Stock Split will benefit both
the Company and its shareholders by increasing the market liquidity of
the Company's shares.
The Stock Split was authorized by shareholders of the Company at the
annual and special meeting of shareholders held on June 29, 2004. The
Company currently has 13,282,844 common shares outstanding and would
therefore have 26,565,688 common shares outstanding after the Stock
Split.
The record date for the purposes of the Stock Split has been fixed as
the close of business on December 16, 2004. Accordingly, shareholders
of record as of the close of business on December 16, 2004 will be
provided with additional share certificates by the Company to reflect
the split of their common shares. The Company's common shares
commenced trading on the TSX Venture Exchange on a split basis at the
opening of business on December 14, 2004.
-2 -
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
The name and business telephone number of an executive officer of the
Company who is knowledgeable about the material change referred to
herein and this report are as follows:
Arnold T. Kondrat (Executive Vice President) - (416) 366-2221.
Item 9 Date of Report
December 16, 2004