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Capital Alliance - Proposed Acquisition Of Rentmeester Assurance Limited
Capital Alliance Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1952/000756/06)
(Share code: CPT)
(ISIN: ZAE000011904)
(`Capital Alliance`)
___________________________________________________________________
PROPOSED ACQUISITION OF RENTMEESTER ASSURANCE LIMITED (`RENTMEESTER`)
___________________________________________________________________
1. Introduction
Investec Bank Limited is authorised to announce that Capital Alliance Life
Limited a wholly owned subsidiary of Capital Alliance, subject to the
suspensive and resolutive conditions set out in paragraph 3 below, intends
to acquire the entire issued ordinary share capital of Rentmeester (`the
Proposed Transaction`), from Rentsure Holdings Limited (`Rentsure`) and
Rentekor (Proprietary) Limited (collectively `the Sellers`).
2. The Proposed Transaction
The consideration payable to the Sellers is R12 000 000 in cash payable on
implementation of the Proposed Transaction. A further R20 000 000 is being
held in escrow subject to the realisation of certain assets of Rentmeester.
3. Suspensive and resolutive conditions
The transaction is subject to, inter alia, the fulfillment of the following
suspensive conditions:
3.1 the approval and/or consent of the Registrar of Long-term Insurance by
31 January 2005;
3.2 the approval of the relevant Competition authority by 28 February
2005;
3.3 the approval of the JSE Securities Exchange South Africa (`JSE`) and
the Securities Regulation Panel (`SRP`) of the circular to be issued
to Rentsure shareholders for the purpose of the transaction by 31
January 2005; and
3.4 Rentsure and Rentekor, respectively, obtaining irrevocable
undertakings by 30 November 2004 from such number of shareholders so
as to ensure the transaction is approved at their respective general
meetings of the shareholders
In addition to the suspensive conditions listed above, the transaction is
subject to the following resolutive condition
3.5 approval by the shareholders of Rentsure and Rentekor, respectively,
by 28 February 2005.
4. Cautionary announcement
Shareholders are referred to the cautionary announcement which appeared on
SENS on 12 November 2004, which is not related to this announcement,
Capital Alliance shareholders are accordingly advised to continue to
exercise caution when dealing in their Capital Alliance shares until a
further announcement is made.
Sandton
25 November 2004
Merchant Bank and Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
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