| Mon 3 Mar 2008, 13:00 | | SBK - Standard Bank Group - Completion Of The Acqu |
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SBK
SBK
SBK - Standard Bank Group - Completion Of The Acquisition
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
JSE Share code: SBK
NSX Share code: SNB
ISIN: ZAE000109815
("Standard Bank Group")
COMPLETION OF THE ACQUISITION OF A 20% SHAREHOLDING IN STANDARD BANK GROUP BY
THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
Further to the announcement released on the Securities Exchange News Service of
the JSE Limited on Thursday, 14 February 2008 and published in the press on
Friday, 15 February 2008, Standard Bank Group announces that the transaction in
terms of which the Industrial and Commercial Bank of China Limited ("ICBC") was
to acquire a 20% stake in Standard Bank Group ("the Transaction"), has been
completed.
In terms of the Transaction, Standard Bank Group issued to ICBC 152 505 805
ordinary shares at a price of R104.58 per share, for a total cash subscription
price of R15 949 057 087.
In terms of the Transaction ICBC also acquired a further 152 505 052 ordinary
shares from the shareholders of Standard Bank Group in terms of the scheme of
arrangement in terms of section 311 of the Companies Act, 1973, as amended,
proposed by ICBC, between Standard Bank Group and its ordinary shareholders
("the Scheme"). In terms of the Scheme, ICBC paid a price of R136.00 per share
for a total consideration of R20 740 687 072. Accordingly, ICBC now holds 20%
of the issued ordinary share capital in Standard Bank Group for an aggregate
investment of R36 689 744 159.
The Scheme having become operative, the scheme consideration was transferred or
posted today (as the case may be) and new share certificates were posted to
certificated scheme participants whose documents of title were surrendered to
the transfer secretaries prior to 12:00 on 29 February 2008. The scheme
consideration has today also been credited to dematerialised scheme
participants` accounts held at their CSDPs or brokers, and their share balances
updated with respect thereto.
Certificated Standard Bank Group shareholders who have not yet surrendered their
share certificates are reminded to do so at their earliest convenience, using
the yellow form of surrender that was included in the scheme document and
circular to shareholders dated 16 November 2007.
Certificated shareholders should note that current share certificates bearing
the old ISIN of ZAE000057378 may no longer be dematerialised or rematerialised,
and must first be surrendered and reissued with the new ISIN of ZAE000109815
before these actions can be undertaken.
Johannesburg
3 March 2008
Investment bank and joint sponsor to Standard Bank Group
Standard Bank
Legal advisers to Standard Bank Group
Bowman Gilfillan Inc
Financial adviser and lead sponsor to Standard Bank Group
Deutsche Securities (SA) (Proprietary) Limited
Sponsor to Standard Bank Group in Namibia
Simonis Storm Securities (Proprietary) Limited
Financial adviser to ICBC
Goldman Sachs International
Financial adviser to ICBC
ICEA Capital Limited
International legal advisers to ICBC
Linklaters LLP
South African legal advisers to ICBC
Webber Wentzel Bowens
Date: 03/03/2008 13:00:11 Produced by the JSE SENS Department.
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