Sage Group Limited - International Operations
Sage Group Limited
("Sage Group" or "the Group")
(Incorporated in the Republic of South Africa)
(Registration Number 1970/010541/06)
(Share code SGG ISIN no ZAE000006623)
International Operations
Shareholders are referred to previous announcements on 3 January and 15 January
regarding the Group`s international operations. It was stated that despite
ongoing capital raising negotiations, it had been decided to confirm the closure
to new business of the USA operations with effect from 1 January 2003, while
retaining administration capabilities in the United States to service existing
business. In the case of the Group`s Bermudan operations it was stated that
negotiations for additional reinsurance facilities and permanent capital were in
progress which, if successfully concluded, would ensure viability and continuity
and consequently the Bermudan operations would remain fully operational and open
for new business.
The Group has now received and is examining a number of proposals from major
institutions for the purchase of both the USA and Bermudan businesses on bases,
which relate to their respective net asset values and the respective values of
in force business. It is anticipated that negotiations will be completed by
early March after which a further announcement will be made.
In the meanwhile, shareholders should exercise caution in their dealings in the
shares of Sage Group Limited.
AM Best Rating
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of
Sage Life Assurance of America Inc (Wilmington, DE) and removed the rating from
under review. The rating outlook is stable.
Although the rating outlook is stable--reflecting A.M. Best`s belief that no
significant change in operations is expected--A.M. Best will closely monitor
Sage Life and is prepared to re-evaluate the rating should any material change
occur in its business profile.
By order of the Board
C S Cant - Secretary
18 February 2003
Sponsor
ABSA Corporate & Merchant Bank
Corporate Finance
(Registration number 1986/004794/06)
Date: 18/02/2003 11:09:47 AM Supplied by www.sharenet.co.za
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