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AFP
AFP
AFP - Alexander Forbes Preference Share Investments Limited - Notice of special
interest payment on unsecured debentures
Alexander Forbes Preference Share Investments Limited
Incorporated in the Republic of South Africa)
Registration number 2006/031561/06
Share code: AFP & ISIN number: ZAE000098067
("AF Pref" or "the group")
NOTICE OF SPECIAL INTEREST PAYMENT ON UNSECURED DEBENTURES ("DEBENTURES")
On 3 January 2012 Linked Unitholders were informed that all conditions precedent
pertaining to the acquisition by the Marsh Group of certain of Alexander Forbes`
interests in South Africa, Namibia and Botswana (comprising AFRS, iConnect, AFCT
Admin and AfriNet Risk Services (collectively "AF Risk Services Africa")) (the
"First Closing")were fulfilled with effect from 1 January 2012. The fulfilments
of conditions precedent pertaining to the remaining entities are currently
underway. On 29 May 2012 all conditions precedent pertaining to the acquisition
by the Marsh Group of Alexander Forbes Uganda ("Second Closing") were fulfilled
with immediate effect.
A portion of the unpaid net proceeds from the First Closing and the net proceeds
from the Second Closing were offered and accepted by the holders of the High
Yield Term Loan.
AF Pref holds 26.5% of the High Yield Term Loan.
As a result, notice is hereby given of a Special Interest Payment number 4 as
determined in accordance with the terms and conditions attached to the
Debentures.
Special Interest Payment number : 4
Cents per Linked Unit : 5.59
Last day to trade cum the interest : Friday 15 June 2012
Shares commence trading "ex" : Monday 18 June 2012
distribution
Record date : Friday 22 June 2012
Payment date : Monday 25 June 2012
Debenture certificates for the unsecured debentures may not be dematerialised or
re-materialised between Monday, 18 June 2012 and Friday, 22 June 2012, both days
inclusive.
In addition, over the past year, there have been further increases in the
regulatory capital requirements of both the short term and long term insurance
entities as well as the liquid asset requirements for entities regulated in
terms of the Financial Advisory and Intermediary Services Act 2002. This
resulted in an increase in regulatory liquidity requirements and therefore a
further increase in restricted cash to be held by various entities in the group.
As a result the scheduled interest payment on the High Yield Term Loan due on 18
June 2012 will be deferred.
1 June 2012
Sandton
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/06/2012 16:23:01 Produced by the JSE SENS Department.
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