MMI
MMI
MMI - MMI Holdings Limited - MMI Holdings Limited withdraws appeal
MMI Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MMI
NSX share code: MIM
ISIN: ZAE000149902
("MMI" or "the company")
MMI Holdings Limited withdraws appeal
The board of directors of MMI Holdings Limited (MMI) has decided to withdraw the
appeal, lodged at the Competition Appeal Court, regarding employment-related
conditions imposed by the Competition Tribunal of South Africa on the merger of
Metropolitan and Momentum.
According to Nicolaas Kruger, group chief executive, the apparent merits of
pursuing an appeal were not the only relevant consideration for the group. A
lengthy appeal process in particular would have been of doubtful benefit. MMI
believes that it will be more prudent for them to focus on the integration and
associated restructuring of Metropolitan and Momentum, within the ambit of the
tribunal`s conditions as clarified, which provide sufficient scope to achieve
the synergies underpinning the business case for the merger, albeit over a
slightly longer timeframe.
Bellville
31 January 2011
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 31/01/2011 09:28:26 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
