Alexander Forbes Limited - Company Announcement
Alexander Forbes Limited
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
JSE Share code: AFB ISIN code: ZAE 000018230
Announcement - 20 January 2004
The Group has transferred GBP21,755m of additional equity capital to the U.K. in
terms of a South African Reserve Bank approval relating to the acquisition of
the Schroder Pensions Group concluded in 2003.
This transfer was funded by the release of R280m of the Group"s deposit with
Merrill Lynch in South Africa.
The funds have been used in the U.K. to repay R280m of the Group"s rand
denominated liability owing to Merrill Lynch in the U.K.
The effect of these transactions is a reduction in the Group"s gross borrowings
and a strengthening of the International balance sheet. These transactions also
have the effect of changing the Group"s exposure to fluctuations in the R/GBP
exchange rate.
Date: 21/01/2004 07:00:09 AM Supplied by www.sharenet.co.za
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