FSR - FirstRand Limited - Completion of OUTsurance sale
FSR
FSR
FSR - FirstRand Limited - Completion of OUTsurance sale
FirstRand Limited
(Incorporated in the Republic of South Africa
(Registration number 1966/010753/06)
Share code: FSR ISIN: ZAE000066304
("FirstRand")
COMPLETION OF OUTSURANCE SALE
Further to the announcement released by FirstRand on 15 December 2010,
shareholders are advised that the implementation of the sale by FirstRand of its
45% effective interest in OUTsurance Holdings Limited ("OUTsurance") to Rand
Merchant Insurance Holdings Limited (the "Sale") has been completed. The
effective date of the Sale is 4 May 2011.
The agreed sale consideration of R 3 750 million for the 45% effective interest
in OUTsurance was adjusted for, inter alia, an interim dividend payment and
interest accrued on the sale consideration, resulting in a final sale
consideration of R 3 640 million. FirstRand also sold the preference shares
held by the FirstRand group in OUTsurance for a sale consideration of R401
million.
21 June 2011
Merchant bank and sponsor to FirstRand
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Transaction advisor to FirstRand
Greenhill
Legal advisor to FirstRand
Deneys Reitz
Independent expert
KPMG Service (Proprietary) Limited
Date: 21/06/2011 14:00:06 Produced by the JSE SENS Department.
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