| Tue 20 Jan 2009, 10:58 | | RMBH - sale of RMBH's interest in Glenrand |
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GMB RMH
GMB RMH
RMH / GMB - RMBH / Glenrand M.I.B - Sale Of RMBH`s Interest In Glenrand
M.I.B To The Trustee Board Investments Group
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
Share Code: RMH
(`RMBH`)
GLENRAND M.I.B LIMITED
(A licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number: 1997/008001/06)
ISIN: ZAE000078010
Share Code: GMB
(`Glenrand M.I.B`)
JOINT VOLUNTARY ANNOUNCEMENT
SALE OF RMBH`S INTEREST IN GLENRAND M.I.B TO THE TRUSTEE BOARD INVESTMENTS
GROUP
Shareholders of RMBH and Glenrand M.I.B are advised that RMBH has concluded
an agreement with Trustee Board Investments (Pty) Limited ("Trustee Board
Investments"), in terms of which RMBH will sell its 12,3% interest in
Glenrand M.I.B to Trustee Board Investments.
RMBH had during 2007/8 advised shareholders that it no longer regarded
Glenrand M.I.B as a "core" element of its investment holdings and when
appropriate, RMBH would give consideration to disposing of such interest.
This conclusion was driven inter alia, by the relative size of its
investment in Glenrand M.I.B and its inability to extract synergistic
benefits between Glenrand M.I.B and RMBH`s other investments.
Trustee Board Investments already holds an interest of some 9% in Glenrand
M.I.B. It is a private investment group that has been in existence for some
16 years. Chaired by Mr Abrie du Preez, it invests in broad financial
services businesses where it perceives there to be long term growth
potential. The shareholders and directors of Trustee Board Investments
have extensive experience in South Africa`s short term insurance sector.
The purchase consideration amounts to R43,1 million, or R1,20 per Glenrand
M.I.B share. This price was set after taking due consideration of the size
of the holding being sold and exceeds the volume weighted average price per
Glenrand M.I.B share (the "vwap") during calendar year 2008 of 118 cents
per share. The purchase price represents a premium of 54% over the vwap per
Glenrand M.I.B share of 78 cents for the 30 trading days ended 16 January
2009.
The effective date of the transaction is 16 February 2009.
The transaction will not have a material effect on the results of neither
RMBH nor Glenrand M.I.B
Sandton
20 January 2009
Merchant bank and Sponsor to RMBH
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Sponsor to Glenrand M.I.B
NEDBANK CAPITAL
Contact details:
P Cooper, COO, RMBH
021 658 9360 / 082 570 1400
A Chislett, CEO, Glenrand M.I.B
011 329 1111 / 082 885 0141
A du Preez, Chair, Trustee Board Investments
021 863 1621 / 083 252 4810
Date: 20/01/2009 10:37:39 Produced by the JSE SENS Department.
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