NEWS RELEASE FROM ALEXANDER FORBES LIMITED
Alexander Forbes Limited
(Registration No. 1958/001974/06)
(Incorporated in the Republic of South Africa)
Share code: AFB
ISIN code: ZAE000018230
NEWS RELEASE FROM ALEXANDER FORBES LIMITED
Alexander Forbes Group member Lane Clark & Peacock LLP (LCP) has expanded its
reach into the European actuarial market with the acquisition of Libera AG,
Switzerland`s largest independent employee benefits consulting business. LCP is
Alexander Forbes` independent actuarial consulting business in the United
Kingdom.
The formation of LCP Libera, marks a further step in LCP`s strategic plan to
develop an actuarial consulting capability serving European countries with
developed, funded pension systems.
LCP Libera has been acquired from Ernst & Young for an initial consideration of
approximately Swiss Francs (CHF) 20 million (R98 million). The acquisition is
to be financed largely from local borrowings and from internal cash resources.
Libera produced turnover of CHF 18.5 million (R92 million) in the year to 30
June 2004.
Alexander Forbes` Chief Executive, Rael Gordon said:
`This deal gives us a leading position in the Swiss actuarial consulting market
and marks an important step forward in our strategic plans to build an effective
European actuarial consulting business. We anticipate that this market sector
will become increasingly important as businesses seek solutions to long term
pension funding issues.
`LCP Libera Complements LCP Belgium, Which Was Acquired By Alexander Forbes
through Lane Clark & Peacock in February 2004. Together, these acquisitions
will provide Lane Clark & Peacock with a springboard for further expansion. LCP
Libera enjoys a strong position in the Swiss market and benefits from an
excellent client list. There are opportunities for cross referral of clients
and also for cross selling of new products and services to existing clients in
the different territories. We have every expectation that it will maintain and
develop its strong market position and healthy profitability within the
Alexander Forbes Group.`
5 July 2004
Joint Sponsors
Cazenove
Investec
Date: 05/07/2004 11:38:54 AM Produced by the JSE SENS Department
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