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New Africa Capital - Transfer of Insurance Business
NEW AFRICA CAPITAL LIMITED
FINANCIAL SERVICES GROUP
(Registration number 2000/031756/06)
Share code: NAC ISIN: ZAE000033361
Commercial Union Life Assurance
Company of South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005540/06)
("the Transferor")
Metropolitan Life Limited
(Incorporated in the Republic of South Africa)
(Registration number 1949/032491/06)
("the Transferee")
TRANSFER OF INSURANCE BUSINESS
NOTICE IN TERMS OF SECTION 38(1)(a)(ii) OF THE LONG-TERM INSURANCE ACT No 52 OF
1998
Notice is hereby given in terms of Section 38(1)(a)(ii) of the Long-Term
Insurance Act, No. 52 of 1998 (hereinafter referred to as "the Act"), that it is
the intention of Commercial Union Life Assurance Company of South Africa Limited
("the Transferor") to transfer the entire long-term insurance business which the
said Transferor carries on in South Africa and Lesotho to Metropolitan Life
Limited ("the Transferee").
If the aforesaid transfer is confirmed, the Transferee shall be responsible for
the fulfilment of all the obligations of the Transferor insofar as the said
obligations relate to the entire long-term insurance business of the Transferor.
Details of the proposed transfer are contained in an agreement dated 13
September 2002. A copy of the agreement, together with copies of all other
documents that form part of the application are available for inspection during
normal business hours from Friday, 1 November 2002 until Tuesday, 19 November
2002 at the head offices of the Transferor and the Transferee, namely Parc Du
Cap 7, Mispel Road, Bellville, Western Cape.
In terms of Section 38(1)(b) of the Act, any person who has an interest in this
matter may, within 15 (fifteen) days of the publication of this notice, submit
to the Registrar of Long-Term Insurance ("the Registrar") such representations
concerning the transaction as are relevant to his, her or its interests.
The Transferor and Transferee intend applying for confirmation of the proposed
transfer to the High Court of South Africa (Cape Provincial Division) at Cape
Town on Tuesday, 10 December 2002 at 09:30 a.m., or as soon thereafter as the
application may be heard.
The Registrar and any owner of a policy, shareholder or creditor affected by the
proposed transfer shall be entitled to appear and to be heard at the aforesaid
application and may make application to the said Court on any matter in
connection with the transfer.
DATED at CAPE TOWN on this the 31st day of October 2002.
Legal advisers
DENEYS REITZ
ATTORNEYS
Deneys Reitz Inc.
1984/003385/21
Date: 31/10/2002 04:11:00 PM Produced by the JSE SENS Department
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