ANNOUNCEMENT IN RESPECT OF THE GBP100 MILLION ALEX
VENFIN LIMITED - ANNOUNCEMENT IN RESPECT OF THE GBP100 MILLION ALEXANDER FORBES
EXCHANGEABLE BONDS (`THE BONDS`)
VENFIN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1948/031037/06)
Share Code: VNF
ISIN: ZAE000026498
(`VenFin`)
ANNOUNCEMENT IN RESPECT OF THE GBP100 MILLION ALEXANDER FORBES EXCHANGEABLE
BONDS (`THE BONDS`)
VenFin wishes to announce that it has reached agreement with the Board of
Alexander Forbes Limited (`Alexander Forbes`) regarding the Bonds issued by an
Alexander Forbes group company and currently held by a VenFin group company
(`the transaction`). Under the current terms of the Bonds, the Bonds are only
eligible for redemption on 15 September 2005. In terms of the transaction, the
Bonds will be sold to Alexander Forbes for a cash payment of GBP12.5 million and
R1 159.5 million. VenFin has agreed to employ the latter amount to subscribe for
114.8 million Alexander Forbes shares. This will result in VenFin holding an
effective 24.96% of the enlarged share capital of Alexander Forbes.
VenFin is of the view that the transaction will yield the most benefit for
VenFin shareholders in the medium term by enabling Alexander Forbes to grow its
international business more aggressively than the current status quo.
The transaction is subject to approval by Alexander Forbes shareholders and any
other statutory or regulatory approvals which may be required.
Stellenbosch
20 July 2004
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE FINANCE
Date: 20/07/2004 08:31:02 AM Produced by the JSE SENS Department
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