| Wed 6 Jun 2001, 0:00 | | Acquisition By Investec Of The Financial Services |
|
OF FEDSURE
FEDSURE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/012384/06)
("Fedsure")
FEDSURE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/012384/06)
("Fedsure")
INVESTEC GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1925/002833/06)
("Investec")
INVESTEC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1985/005574/06)
Acquisition by Investec of the financial services and insurance businesses
of Fedsure
1. Introduction
On 17 April 2001, a general meeting of Fedsure shareholders was held at
which Fedsure shareholders approved, subject to certain conditions
precedent:
- the disposal by Fedsure to Investec of all of its financial services and
insurance businesses in consideration for the issue of 19 212 204 Investec
shares and the payment of R250 million in cash ("the disposal"); and
- the distribution of the Investec shares received by Fedsure, less any
Investec shares sold or retained in respect of certain guarantees,
liabilities, obligations and contingent liabilities ("the retention
shares"), to Fedsure shareholders in an unbundling transaction in terms of
section 60 of the Income Tax Act, 1993 (Act 113 of 1993) ("the unbundling").
The conditions precedent to the disposal and the unbundling have now been
fulfilled and the disposal and the unbundling are now unconditional.
2. The unbundling
As previously announced, the unbundling will be effected in at least two
tranches:
- an initial tranche of Investec shares ("the initial unbundling"); and
- the remaining Investec shares held by Fedsure, less any of the retention
shares retained or sold, in a subsequent tranche or tranches ("the
subsequent unbundling").
The initial unbundling will be implemented by way of a dividend in specie to
Fedsure shareholders registered as such on Friday, 15 June 2001. Details
relating to the quantum of the initial unbundling will be made available in
due course.
3. Fedsure shareholders' entitlement to the Investec dividend
In an announcement dated Thursday, 31 May 2001 an Investec final dividend of
440 cents per share for the year ended 31 March 2001 was declared, which
will be paid on or about Wednesday, 27 June 2001 to Investec shareholders
registered as such at the close of business on Friday, 15 June 2001 ("the
Investec dividend").
The Investec dividend in respect of the Investec shares to which Fedsure
shareholders will be entitled in terms of the initial unbundling, will be
paid to Fedsure shareholders registered as such at the close of business on
Friday, 15 June 2001.
4. Salient dates and times
2001
Record date to participate in the initial unbundling Friday, 15 June
Record date for Fedsure shareholders to be registered
as such in order to receive the Investec dividend Friday, 15 June
Fedsure shares trade "ex-rights" in respect of
the initial unbundling on the JSE Securities Exchange
South Africa ("the JSE") and the Namibian Stock Exchange
("the NSX") Monday, 18 June
Effective date of the initial unbundling Monday, 18 June
Investec share certificates and cheques in respect of
fractional entitlements in relation to the initial
unbundling posted on or about Wednesday, 20
June
Cheques in respect of the Investec dividend
posted on or about Wednesday, 27
June
In order to participate in the initial unbundling and to receive the
Investec dividend, Fedsure shareholders who have acquired Fedsure shares
which have not yet been registered in their names, should ensure that such
registration takes place before Friday, 15 June 2001. All transactions on
the JSE and the NSX in Fedsure shares for the week ending on Friday, 15 June
2001 will be for immediate settlement.
Johannesburg
5 June 2001
Merchant bank to Investec
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys to Investec
Jowell, Glyn & Marais Inc
(Registration number 1990/000849/21)
Sponsor
Investec Securities Limited
Member of the JSE
Registration No. 1972/008905/06
Merchant bank to Fedsure
Rand Merchant Bank
Corporate Finance
A Division of FirstRand Bank Limited
Attorneys to Fedsure
Werksmans Attorneys
Sponsoring broker in Namibia
HSBC
Phillip JA van Heerden
Member of the Namibian Stock Exchange
Trading as
HSBC Securities (Namibia) (Pty) Limited
Reg. No. 95/505
