SAGE GROUP LIMITED
In February 1996, the Sage Group "Sage" disposed of its interests in
Independent Financial Marketing Group "IFMG" in the USA to Liberty Financial
Companies Inc "LFC" of Boston USA. At the time, Sage retained a right of
first refusal to repurchase IFMG and certain affiliates should LFC desire to
dispose of these interests. LFC recently announced its intention to sell
IFMG, together with other interests, to Sun Life Assurance Company of Canada
and has paid Sage $12 million (approximately R100 million) to relinquish the
right of first refusal. IFMG has provided only minimal distribution support
to Sage and premiums written by IFMG amount to less than 1% of business
written to date by Sage USA. The additional resources arising from the
transaction will be utilised for Sage USA's further expansion. Sage is
making exceptional progress in the USA and internationally via its Bermuda
operations. New business written in the first four months of the current
financial year to the end of July already exceeds that of the entire
previous financial year.
21 August 2001
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