INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED -
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
("INSURE" or "the company")
Share code: INS ISIN Code: ZAE000033221
TRANSFER OF LISTING TO THE ALTERNATIVE EXCHANGE ("AltX")
The directors are pleased to announce that the JSE Securities Exchange South
Africa has formally approved the transfer of the company"s listing to AltX from
the Main Board of the JSE list. The company"s securities will commence trading
on AltX from commencement of business on 29 January 2004.
In accordance with the JSE Listings Requirements the following wording is
included in this announcement:
"In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on the AltX. Shareholders are advised
that the JSE does not guarantee the viability or the success of a company
listing on AltX. In terms of JSE Listings Requirements a Designated Adviser has
to be retained by the company. The Designated Adviser is required to, inter
alia, attend all board meetings held by the company to ensure that all JSE
Listings Requirements and applicable regulations are complied with, approve the
financial director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain a Designated
Adviser it must make arrangement to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its
securities. If a Designated Adviser is not appointed within 30 days of its
suspension the company faces the termination of its listing without an offer to
minorities."
It is emphasised that Insure will continue to comply with Corporate Governance
in line with Main Board Requirements. Shareholders are advised that in order to
be admitted to AltX, inter alia, the company has to first present to, and be
approved for listing by, the AltX Advisory Committee. Insure chose to transfer
from the Main Board to AltX, taking into consideration the cost saving and
benefits that AltX present. The transfer to AltX should allow for a re-rating
of the company, attract a new shareholder profile and deliver additional
benefits, such as presentation of electronic information on its website to
shareholders and lower transaction cost for shareholders.
Johannesburg
28 January 2004
Designated Adviser
Arcay Group Limited
Date: 28/01/2004 12:26:03 PM Supplied by www.sharenet.co.za
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