Saambou Holdings Limited
(Registration number 1987/004170/06)
(Share code: SBO ISIN: ZAE000006409)
("Saambou")
EXPLANATORY STATEMENT
Further to the trading statement and cautionary announcement of Thursday, 11
October 2001 Saambou wishes to clarify the following:
* the once off additional provision represents an additional general
provision, revised on a more conservative basis and does not relate to any
specific advances or any alleged contravention of the Usury Act;
* the change in the provisioning methodology has been developed after the
board meeting of 17 September 2001, with the full co-operation and agreement
between management and the Board of Directors;
* Saambou would further like to confirm that Saambou Bank's capital adequacy
ratio, taking into account the additional provision referred to above,
remains comfortably in excess of the revised increased capital adequacy
ratio of 10%, effective from 1 October 2001.
Furthermore, it is recorded that Mr Johan Myburgh, the Group Chief Executive
of Saambou, sold 200 000 shares on 15 August 2001, which only represents 15%
of his portfolio.
Saambou will fully co-operate with the current investigation into the share
transactions involving, inter alia, Saambou employees. The outcome of the
investigation will be reported on, as soon as possible.
Mr Myburgh and executive committee of Saambou reaffirm their long term
commitment to the successful performance of the group.
Pretoria
17 October 2001
Investec Bank Limited
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