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GMB
GMB
GMB - Glenrand M I B - Fulfilment Of Suspensive And Resolutive Conditions With
Regard To The Disposal
GLENRAND M I B LIMITED
(A Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share code: GMB ISIN: ZAE000078010
("Glenrand M I B" or "the Company")
FULFILMENT OF SUSPENSIVE AND RESOLUTIVE CONDITIONS WITH REGARD TO THE DISPOSAL
OF A PORTION OF THE BUSINESS OF GLENRAND M I B BENEFIT SERVICES (PROPRIETARY)
LIMITED AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Glenrand M I B shareholders are referred to the announcement issued by the
Company and published on the Securities Exchange News Service ("SENS") on
Thursday, 20 December 2007 in which the Company announced that an Agreement
dated 19 December 2007 had been concluded ("the Agreement") with Absa
Consultants and Actuaries (Pty) Limited ("Absa") relative to the transfer of the
Glenrand M I B Benefit Services (Pty) Limited ("Benefit Services") retirement
fund administration mandates onto their license in terms of the Pension Funds
Act ("the S13B license").
2. SUSPENSIVE AND RESOLUTIVE CONDITIONS
The Agreement is subject, inter alia, to Competition Commission approval, which
was granted on 16 January 2008. The remaining suspensive and resolutive
conditions, as set out in the SENS announcement dated 20 December 2007, were
successfully fulfilled and the Agreement is now in effect.
3. SALE OF HEALTH CARE BUSINESS
Benefit Services has received and accepted a binding offer from Absa for its
Health Care business subject to successful conclusion of a sale agreement. It
is the intention to conclude definitive agreements by no later than 29 February
2008.
4. TEN-50-SIX LIFE LIMITED ("TEN-50-SIX")
Ten-50-Six and Advantage Asset Managers (Proprietary) Limited ("Advantage") are
still in discussions regarding the transfer of the Ten-50-Six assets to another
FSB approved Life Company, through Advantage, and an announcement will be made
in due course.
5. RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the above, Glenrand M I B shareholders are advised to continue to
exercise caution when dealing in the Company`s securities until a further
announcement is made.
Randburg
01 February 2008
Investment Bank and Sponsor
Nedbank Capital
Date: 01/02/2008 13:24:49 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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