| Thu 20 Oct 2011, 11:56 | | RMI - Rand Merchant Insurance Holdings Limited - Realisation of benefit under |
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RMI
RMI
RMI - Rand Merchant Insurance Holdings Limited - Realisation of benefit under
forfeitable share plan and dealing in securities
RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/005770/06)
JSE Ordinary share code: RMI
ISIN: ZAE000153102
("RMI Holdings" or "the Company")
REALISATION OF BENEFIT UNDER FORFEITABLE SHARE PLAN AND DEALING IN SECURITIES
In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:
REALISATION OF BENEFIT UNDER FORFEITABLE SHARE PLAN
During October 2009 RMB Holdings Limited ("RMBH") executives were invited to
participate in that company`s forfeitable share plan. Details of grants are set
out in the RMBH`s annual financial statements. RMBH hedged the exposure by
acquiring the commensurate number of RMBH ordinary shares in the market.
As a result of the one-for-one unbundling by RMBH of RMI Holdings during March
2011, participants acquired an interest in a
corresponding number of RMI Holdings ordinary shares. Participants became
entitled to the benefit under the plan on 1 October 2011, on which date the RMI
Holdings share price was 1,251 cents. The final restrictive condition has now
been complied with and the (off market) benefits that accrue to the participants
are as follows:
Participant Number of RMI Strike price Value on 1
Holdings (cents) October 2011
ordinary shares (Rand)
P Cooper 231,600 0,0 R2,897,316
CEO
A Maher 11,600 0,0 R145,116
Company
Secretary
SALE OF SHARES ARISING UNDER FORFEITABLE SHARE PLAN
To fund his obligation arising from the benefit received above, a participant
elected to sell the following number of RMI Holdings shares on the market on 19
October 2011, while continuing to hold the balance remaining:
Participant Number of RMI Selling price Value of
Holdings (cents) transaction
ordinary shares (Rand)
sold
P Cooper 89,000 1,292 R1,149,889
CEO
Clearance has been obtained in respect of the above transactions.
All interests in the transactions are direct and beneficial.
Sandton
20 October 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20/10/2011 11:56:16 Produced by the JSE SENS Department.
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