SLM - Sanlam Limited - Resolution of Sanlam Health legal action
SLM
SLM
SLM - Sanlam Limited - Resolution of Sanlam Health legal action
Sanlam Limited - Registered name:
(Incorporated in the Republic of South Africa)
Registration number 1959/001562/06
JSE share code: SLM
NSX share code: SLA
ISIN: ZAE000070660
("Sanlam")
RESOLUTION OF SANLAM HEALTH LEGAL ACTION
Shareholders are referred to the legal action instituted by Topmed and Selfmed
("the schemes"), two medical aid schemes formerly administered by Sanlam Health
up to December 1997, as reported in Sanlam`s 2009 annual and 2010 interim
reports. The schemes instituted legal action against Sanlam Health claiming that
they are entitled to share in profits accumulated by Sanlam Health during the
period May 1975 to December 1997.
The merit and quantum of the claims were referred for arbitration. Based on a
final ruling received from the arbitrators, Sanlam has now made payments of
R458m and R129m to Topmed and Selfmed respectively in full and final settlement
of the matter. The payments were made from provisions recognised for this
purpose in previously reported financial periods and will not have an impact on
Sanlam`s reported results for the 2010 or 2011 financial years.
Bellville
24 January 2011
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 24/01/2011 16:49:01 Produced by the JSE SENS Department.
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