| Fri 25 Feb 2011, 14:49 | | REM - Remgro Limited - Announcement relating to the sale |
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REM
REM
REM - Remgro Limited - Announcement relating to the sale
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/006415/06)
(ISIN: ZAE000026480)
(Share code: REM)
("Remgro" or "the Company")
Announcement relating to the sale of:
- FirstRand Limited ("FirstRand") shares to RMB Holdings Limited ("RMBH"), in
exchange for RMBH shares; and
- Remgro`s interest in MMI Holdings Limited ("MMI Holdings") to RMI Holdings
Limited ("RMI Holdings"), in exchange for RMI Holdings shares (collectively
referred to as the "Remgro transactions")
Remgro shareholders are referred to the detailed terms announcement released by
Remgro on SENS on 15 December 2010 and published in the press on 17 December
2010, wherein shareholders were advised of agreements reached with RMBH relating
to the Remgro transactions.
Remgro shareholders are also referred to the Results of general meeting
announcement released on 18 February 2011 by its associate, RMBH (the "RMBH
Announcement").
Shareholders are advised that the acquisition by RMBH of additional ordinary
shares in FirstRand from Financial Securities Limited ("FSL"), a wholly-owned
subsidiary of Remgro, in exchange for the issue of new RMBH ordinary shares to
FSL has now been implemented.
Remgro shareholders are further advised that the acquisition by RMBH of
additional ordinary shares in FirstRand from FSL, in exchange for the issue to
FSL of new RMBH ordinary shares and the acquisition by RMI Holdings of
additional ordinary shares in MMI Holdings Limited from FSL, in exchange for the
issue to FSL of new RMI Holdings shares will be implemented on Wednesday 16
March 2011.
Post the completion of these transactions Remgro will hold 444, 520, 104
ordinary shares in RMBH equating to 31.5% of the issued ordinary share capital
of RMBH, 518, 505, 232 ordinary shares in RMI Holdings equating to 34.9% of the
issued ordinary share capital of RMI Holdings and 219, 805, 470 ordinary shares
in FirstRand equating to 3.9% of the issued ordinary share capital of FirstRand.
All conditions precedent to the Remgro transactions have now been fulfilled.
25 February 2011
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisors
DLA Cliffe Dekker Hofmeyr Inc
Date: 25/02/2011 14:49:00 Produced by the JSE SENS Department.
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