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Standard/ Libhold/ Liberty/ Safika/ STANLIB/ Nduna - Fulfillment Of Conditions
Precedent
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
Share code: SBK Namibian Share code: SNB
ISIN: ZAE000038873
("Standard Bank Group")
Liberty Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/002095/06)
Share code: LBH ISIN: ZAE000004032
("Libhold")
Liberty Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1957/002788/06)
Share code: LGL ISIN: ZAE000024543
("Liberty Group")
Safika Holdings (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/001693/07)
("Safika")
STANLIB Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014748/06)
("STANLIB")
Nduna Trust
(Master"s reference number IT 12995/98)
("Nduna")
FULFILMENT OF CONDITIONS PRECEDENT AND IMPLEMENTATION OF THE SALE BY STANDARD
BANK GROUP AND LIBERTY GROUP OF 25,2% OF STANLIB TO AN EMPOWERMENT CONSORTIUM
1. Introduction
Further to the announcement of 18 June 2003, Standard Corporate and Merchant
Bank is pleased to announce that all the conditions precedent relating to the
sale by Standard Bank Group and Liberty Group of a 25,2% interest in STANLIB to
a consortium led by Safika (the "Consortium") have been fulfilled.
The implementation of the transaction and the participation therein by a broad
based empowerment trust ("BBET") reaffirms the commitment of Standard Bank Group
and Liberty Group to the transformation process and empowerment in South Africa.
2. The Consortium
The Consortium is comprised of leading empowerment partners Safika and Nduna,
with the BBET being allocated a 40% participation in the Consortium. The
Consortium provides STANLIB with a strategic shareholder that will play an
active role in the growth and development of STANLIB, while at the same time
facilitating broad based empowerment.
3. The BBET
The BBET will be for the benefit of a broad spectrum of people from historically
disadvantaged backgrounds. The beneficiaries of the BBET are to include the
following categories of historically disadvantaged South Africans:
* non-governmental organisations and community-based organisations;
* historically black universities;
* a women"s group;
* a group of black entrepreneurs; and
* a youth trust to be formed with a focus on skills development.
The BBET will comply with the Financial Sector Charter with respect to broad
based economic empowerment.
Johannesburg
11 December 2003
Merchant bank and sponsor to Standard Bank Group
SCMB
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Legal advisor to Liberty Group
Werksmans Incorporated
Registration number 1990/007215/21)
Sponsor to Liberty Group and Libhold
Merrill Lynch
Global Markets & Investment Banking Group
Merrill Lynch South Africa (Pty) Ltd
Registration number 1995/001805/07
Registered Sponsor and Member of the
JSE Securities Exchange South Africa
Independent advisor to Liberty Group
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
Legal advisor to Standard Bank Group
Bowman Gilfillan
Financial advisor to Safika
UBS Corporate Finance (South Africa) (Pty) Ltd
A subsidiary of UBS AG
(Registration number 1994/008363/07)
Legal advisor to the Consortium
Read Hope Phillips Attorneys
Corporate legal advisor to Safika
DEREK H RABIN & ASSOCIATES (PTY) LIMITED
Registration No - 2002/013811/07
Date: 11/12/2003 01:55:04 PM Produced by the JSE SENS Department
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