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African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021193/06)
(Share code: ABL)
(ISIN: ZAE000030060)
("ABIL")
Further to the results of the general meeting announcement published on
10 September 2002, the circular dated 26 August 2002 and the
announcement on 6 September 2002, detailing the terms under which
African Bank Limited ("African Bank"), a wholly owned subsidiary of
ABIL, is to acquire the Personal Loan Book ("the PLB") of Saambou Bank
Limited (formerly under curatorship now under receivership), the
following updated information relating to the terms of the acquisition
are being made available:-
FINAL AGREEMENT
The acquisition, as approved by the ABIL shareholders, was subject to
certain conditions precedent, one of which was the conclusion of a final
written agreement between African Bank and the Receiver of Saambou.
This final agreement was signed by the parties on Wednesday, 18
September 2002.
PURCHASE PRICE
In the circular of 26 August 2002, read with the announcement published
on 6 September 2002, ABIL shareholders were advised that:-
- the purchase price for the PLB was R1.066 billion;
- the purchase price was payable in two tranches, namely:
- an upfront payment of R808 million; and
- a balance payment of R258 million. The balance payment, payable after
the publication of the financial statements of the ABIL Group for the
financial year ended 30 September 2006, could reduce to R nil or
increase to R808 million.
In terms of the final agreement, ABIL shareholders are advised that:-
- the purchase price has been fixed at R1 billion,
- the purchase price will be settled in two tranches, namely:
- an upfront payment of R750 million which will be paid within 5
business days after the fulfillment of the last of the conditions
precedent to the agreement ("the completion date"); and
- a balance payment of R250 million which will be paid together with
interest thereon at 13,37% per annum on the first anniversary of the
completion date. There is no longer a potential change in the balance
payment.
The final agreement has an insignificant effect on the proforma figures
disclosed in the circular to shareholders.
CONDITIONS PRECEDENT
The acquisition of the PLB remains subject to certain conditions
precedent, including the approval of the Minister of Finance.
On behalf of the Board
Midrand
25 September 2002
Financial Advisor and Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Reg. no: 1995/011798/07
Co-Legal Advisors to ABIL
Prinsloo, Tindle and Andropoulos Inc.
Moss-Morris
Receiver to Saambou
John Louw
KPMG
Legal Advisor to the South African Government
Sonnenberg Hoffmann & Galombik
Date: 25/09/2002 09:05:00 AM Produced by the JSE SENS Department
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