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SPG
SPG
SPG - Super Group Limited - Update on Super Group`s disposals, withdrawal of
cautionary announcement and renewal of cautionary announcement
SUPER GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1943/016107/06
Share code: SPG
ISIN: ZAE000011334
("Super Group" or "the Company")
UPDATE ON SUPER GROUP`S DISPOSALS, WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
1. UPDATE ON SUPER GROUP`S DISPOSALS
1.1 Emerald Insurance Company
In an announcement dated 9 February 2010, shareholders were advised that
negotiations were still in progress relating to the proposed disposal of
100% of Super Group`s interest in Emerald Insurance Company Limited
("Emerald") to Santam Limited ("Santam") ("the Emerald Disposal").
Given the changes in economic conditions and the claims management
prospects, together with the proposed pricing of Emerald, shareholders are
advised that negotiations in respect of the Emerald Disposal have been
terminated. Management of Super Group are confident that the Company will be
able to generate improved returns by retaining Emerald and running off the
insurance portfolio in the ordinary course of business. No new business has
been written since December 2009 as these operations have been discontinued.
The existing underwriting relationship agreement between Emerald and Emerald
Risk Transfer (Proprietary) Limited (recently acquired by Santam) will
continue.
1.2 AutoZone
Shareholders are advised that negotiations are still in progress relating to
the proposed disposal of Super Group`s interest in the issued share capital
of Partcorp Holdings Limited ("the AutoZone Disposal").
Further developments relating to the AutoZone Disposal will be communicated
to shareholders and shareholders should therefore continue to exercise
caution when dealing in Super Group shares.
2. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT FOR EMERALD
Shareholders are advised that they are no longer required to exercise
caution when dealing in Super Group shares in relation to the Emerald
Disposal.
25 March 2010
Sandton
Financial advisor and Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Corporate law advisors
Fluxmans Attorneys
Reporting accountants
KPMG
Date: 25/03/2010 16:17:02 Produced by the JSE SENS Department.
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