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Mines Employees Pension Fund
Sentinel Mining Industry Retirement Fund
Sage Group Limited
Incorporated in the Republic of South Africa
Registration number: 1970/010541/06
Share code: SGG
ISIN: ZAE000006623
("Sage")
ABSA Group Limited
Incorporated in the Republic of South Africa
Registration number: 1986/003934/06
Share code: ASA
ISIN: ZAE000013389
("ABSA")
Sanlam Limited
Incorporated in the Republic of South Africa
Registration number: 1959/001562/06
Share code: SLM
ISIN: ZAE000028262
("Sanlam")
Remgro Limited
Incorporated in the Republic of South Africa
Registration number: 1968/006415/06
Share code: REM
ISIN: ZAE000026480
("Remgro")
UNIVERSA UNBUNDLING
The Universa shareholders - the Mines Pension Funds (MPF) comprising the Mines
Employees Pension Fund and Sentinel Mining Industry Retirement Fund , as well as
Remgro subsidiary Financial Securities Limited (FSL) and Sage Group Limited -
and Sanlam Limited today announced the restructuring of their shareholding
agreements in Absa Group Limited. The Universa structure will be unbundled,
while a new share pool agreement between some of the Universa shareholders and
Sanlam will come into effect. The restructuring is expected to create more
liquidity in the Absa share.
The Universa shareholders intend to unbundle the holding of Universa in Absa and
have signed an agreement to facilitate the proposed unbundling. In addition
Sanlam has signed a new shareholders agreement with the MPF and FSL, which will
come into immediate effect.
The agreement creates a new pooling arrangement between Sanlam, FSL and the MPF,
in respect of a stake of approximately 36% in Absa. Other than limited
obligations relating to board representation, the new shareholders` agreement
contains no restrictions on the voting rights of the parties. This agreement
also provides for pre-emptive rights amongst members of the pool. No changes to
the Absa board of directors are envisaged as a result of the new shareholder
agreement. Shares held by members of the new pool agreement are subject to a
clause which provides for the orderly marketing of shares by all the parties to
the new pool agreement.
"The reduction of the current 46% shareholder pool to 36% retains a group of
committed anchor shareholders for Absa", said Leon Vermaak, Sanlam chief
executive.
Sage has elected to withdraw from the existing Absa shareholders agreement and
will not participate in the new Absa shareholding pool. Sage has opted for the
absolute flexibility and liquidity, which it considers desirable for its ongoing
direct shareholder and policyholder investments in Absa shares.
Sage anticipates maintaining the excellent business relationship it has built up
with Absa over the last decade independently of its Absa shareholding. In its
turn Absa continues to be a substantial shareholder in Sage and is represented
on its board.
"While Sage is no longer a member of the pool and will be able to sell its
shares, we intend retaining a significant Absa holding for some time to come,"
confirmed Sage chairman Louis Shill. Shill said that Sage will also dispose of
any Absa shares in an orderly manner.
Absa chairman Dr Danie Cronje welcomed the restructuring of the shareholdings,
which have been the subject of market speculation for some time. "The revised
arrangement will provide an appropriate balance of stability for Absa and
flexibility for shareholders and we look forward to the continuing support of
all the parties who have been committed shareholders over many years."
Contact Persons
Absa Group Limited: Dr D.C. Cronje 011 350 4235
Sanlam Limited: Leon Vermaak 021 947 4893
Remgro Limited: Thys Visser 021 888 3331
Sage Group Limited: Mr Louis Shill 011 377 5556
Mr Bernard Nackan 011 377 5559
MPF: Mr Eric Visser 011481 8222 or 082 456 4811
Media facilitator: Francois Baird 011 504 4001 or 082 551 4943
Date: 20/08/2002 01:11:00 PM Produced by the JSE SENS Department
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