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SFN SFNP
SFN
SFN / SFNP - Sasfin Holdings Limited - Acquisition by the company of a 4%
interest in Sasfin Bank Limited ("BANK") and Sasfin Financial Services
(PROPRIETARY) Limited ("SFS")
SASFIN HOLDINGS LIMITED
(Incorporated In The Republic Of South Africa)
(Registration Number 1987/002097/06)
("Sasfin" or "the Company")
Ordinary share code: SFN ISIN: ZAE000006565
Preference share code: SFNP ISIN: ZAE000060273
ACQUISITION BY THE COMPANY OF A 4% INTEREST IN SASFIN BANK LIMITED ("BANK") AND
SASFIN FINANCIAL SERVICES (PROPRIETARY) LIMITED ("SFS")
1 Details of the acquisition
Shareholders are advised that Sasfin has entered into an agreement with
Innovent SPV1 (Proprietary) Limited ("Innovent") for the acquisition by the
Company of Innovent`s 4% shareholding in the total issued share capital of
Bank and SFS, for a purchase consideration of 1 076 664 ordinary shares in
the issued share capital of the Company ("the acquisition"). Post the
acquisition Sasfin will own 100% of Bank and SFS. Sasfin remains a
diversified financial services provider.
1.1 Rationale
It was always the intention of Sasfin to have BEE shareholding at a
Sasfin level.
2. Effective date
The effective date of the transaction was 1 January 2010.
3 Conditions precedent
There are no outstanding conditions precedent to the acquisition.
4 Pro forma financial effects of the acquisition
The pro forma financial effects of the acquisition on Sasfin`s earnings per
share, headline earnings per share, net asset value and net tangible asset
value per share for the six month period ended 31 December 2009 are not
significant (i.e. are less than 3%), and are therefore not required to be
disclosed.
5 Small related party transaction
Sasfin and Innovent have common directors, Roland Sassoon and Shahied
Rylands and are therefore related parties in terms of the JSE Limited
("JSE") Listings Requirements. This acquisition is therefore classified as
a small related party transaction in relation to Sasfin. The JSE Listings
Requirements require written confirmation from an Independent professional
expert that the acquisition is fair to Sasfin shareholders. Moore Stephens
Corporate Finance has confirmed that the acquisition is fair to Sasfin
shareholders and their fairness opinion is available for inspection at
Sasfin`s registered offices until 30 June 2010.
Application has been made to the JSE for the listing of 1 076 664 ordinary
shares of R0.01 each in the share capital of the company from Thursday, 27
May 2010.
20 May 2010
Johannesburg
Lead Sponsor
KPMG SERVICES (PTY) LTD
Joint Sponsor
SASFIN CAPITAL
A DIVISION OF SASFIN BANK LIMITED
Date: 20/05/2010 15:21:01 Produced by the JSE SENS Department.
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