|
SLM
SLM
SLM/SLA - Sanlam Limited - Result of the voluntary tender offer
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN: ZAE000070660
("Sanlam")
RESULT OF THE VOLUNTARY TENDER OFFER
1. INTRODUCTION
Further to the Sanlam circular dated 2 April 2007 ("the circular") detailing a
voluntary tender offer by Sanlam, through a Sanlam subsidiary ("the Sanlam
subsidiary"), and the SENS announcement relating to the voluntary tender offer
becoming unconditional on 25 April 2007, Sanlam announces the result of the
voluntary tender offer, which closed on Friday, 11 May 2007.
Shareholders are reminded that the voluntary tender offer was effected in terms
of sections 85 to 89 (both inclusive) of the Companies Act No 61 of 1973, as
amended, through a specific repurchase of up to 125 million Sanlam ordinary
shares, at a strike price determined in the manner set out in the circular in a
price range of R17.00 to R21.00 (both inclusive) per Sanlam ordinary share in
increments of R0.50 per Sanlam ordinary share, starting from the minimum price.
2. THE VOLUNTARY TENDER OFFER STRIKE PRICE
The strike price for the voluntary tender offer has been calculated as R21.00
per Sanlam ordinary share.
3. NUMBER OF SANLAM ORDINARY SHARES SUCCESSFULLY TENDERED
17,857,294 Sanlam ordinary shares were validly tendered by Sanlam ordinary
shareholders in terms of the voluntary tender offer, representing 0.8% of the
total issued ordinary shares of Sanlam.
As the number of Sanlam ordinary shares validly tendered is less than the
maximum repurchase threshold of 125 million Sanlam ordinary shares, all valid
tenders will be repurchased by the Sanlam subsidiary at R21.00 per Sanlam
ordinary share in accordance with the terms of the voluntary tender offer. A
total of R375,003,174 will therefore be paid to Sanlam ordinary shareholders
through the implementation of the voluntary tender offer.
4. SETTLEMENT OF THE VOLUNTARY TENDER OFFER CONSIDERATION
The voluntary tender offer consideration of R21.00 per Sanlam ordinary share
will be paid by 21 May 2007 to those Sanlam ordinary shareholders whose Sanlam
ordinary shares have been successfully tendered, and accepted by the Sanlam
subsidiary, in terms of the voluntary tender offer.
5. CAPITAL MANAGEMENT
The Sanlam Board remains committed to optimise the capital utilisation in the
Sanlam Group and will continue to investigate the most efficient alternatives of
reducing capital that is in excess of the Group`s ongoing business requirements.
Shareholders will be kept informed of progress in this regard.
Bellville
14 May 2007
Financial adviser and transaction sponsor Attorneys
Deutsche Securities (SA) (Proprietary) Limited Jowell Glyn & Marais
Date: 14/05/2007 08:55:01 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
