Liberty Group Limited - LGL"s relationship with St
Liberty Group Limited - LGL`s relationship with Standard Bank Group Limited
Liberty Group Limited
(Incorporated in the Republic of South Africa)(Registration number 1957/002788/06)(`LGL`)
Share Code: LGL
Isin: ZAE000057360
LGL`S RELATIONSHIP WITH STANDARD BANK GROUP LIMITEDShareholders of LGL are referred to the announcement released on SENS on 25 May
2005 by Standard Bank Group Limited (`SBK`) in which SBK reaffirmed that it
remained in the best interests of SBK`s shareholders to maintain control of its
subsidiary LGL through its 55% shareholding in Liberty Holdings Limited (`LBH`)which in turn owns more than 50% of LGL (`the SBK Announcement`).
LGL received a letter from SBK dated 4 July 2005 (`the SBK Letter`), which
points out that:
- the relationship between SBK and LGL is mutually beneficial and that there are contractual and other substantial arrangements between them; and
- if LBH is liquidated SBK would have a 29% investment in LGL which would
force SBK to re-examine all its current arrangements with LGL.
In the light of the SBK Announcement and the SBK Letter the board of LGL hasreviewed its agreements and arrangements with SBK and its subsidiaries.
Following this process, the board has concluded that there are considerable and
sustainable benefits derived from these agreements, arrangements and the
relationship between the two companies.In the light of this, the board has unanimously decided that the continuation of
such a relationship for the foreseeable future is in the best interests of all
of LGL`s shareholders.
Johannesburg11 July 2005Date: 11/07/2005 04:11:04 PM Produced by the JSE SENS Department
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