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SLM SNT
SLM SNT
SNT / SLM - Santam / Sanlam - Announcement To Santam Shareholders
SANTAM LIMITED SANLAM LIMITED
(Incorporated in the Republic of (Incorporated in the Republic of South
South Africa) Africa)
(Registration number (Registration number 1959/001562/06)
1918/001680/06) JSE share code: SLM
JSE share code: SNT NSX share code: SLA
NSX share code: SNM ISIN: ZAE000070660
ISIN: ZAE000006854 ("Sanlam")
("Santam")
ANNOUNCEMENT TO SANTAM SHAREHOLDERS
Shareholders of Santam are referred to the circular posted to them on Wednesday,
7 March 2007 (the "circular") and the announcement released on SENS on Monday,
26 March 2007 relating to approval by the Registrar of Short-term Insurance (the
"Registrar") of the offer by Sanlam to purchase Santam shares tendered in excess
of 10% of Santam`s issued ordinary shares (the "Sanlam offer").
Terms defined in the circular (and not defined herein) bear a corresponding
meaning in this announcement.
The Registrar has granted approval for the acquisition of Santam shares by
Sanlam`s wholly-owned subsidiary Sanlam Life Insurance Limited pursuant to the
Sanlam offer of up to a maximum number of Santam shares, which, when aggregated
with Santam shares already held by Sanlam in its shareholders` funds, will not
exceed 74.99% of Santam`s issued ordinary shares.
As the Sanlam offer set out in the circular contemplated an acquisition of
Santam shares up to a maximum number of Santam shares, which, when aggregated
with Santam shares already held by Sanlam in its shareholders` funds, would not
exceed 80% of Santam`s issued ordinary shares, the terms on which the Registrar
has granted his approval as referred to in the preceding paragraph necessitates
an amendment to the Sanlam offer to the effect that the maximum number of Santam
shares to be acquired pursuant to the Sanlam offer will be such number of shares
which, when aggregated with Santam shares already held by Sanlam in its
shareholders` funds, will not exceed 74.99% of the issued ordinary shares of
Santam. The Sanlam offer is hereby amended in terms of paragraph 3.5.1 of the
circular accordingly.
Santam shareholders are accordingly advised that, following the amendment of the
Sanlam offer in accordance with the preceding paragraph, the Sanlam offer has
become unconditional.
The timetable published in the circular remains unchanged, the closing date of
the Sanlam offer will be Friday, 20 April 2007 and the settlement date of the
Sanlam offer will be Monday, 23 April 2007.
Bellville
16 April 2007
Merchant bank and transaction Financial adviser and
sponsor to Santam transaction sponsor to Sanlam
RAND MERCHANT BANK DEUTSCHE SECURITIES
(A division of FirstRand Bank
Limited)
Sponsor to Santam and Sanlam in Legal advisers to Sanlam
Namibia JOWELL GLYN & MARAIS
Simonis Storm Securities
Date: 16/04/2007 17:00:04 Produced by the JSE SENS Department.
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