SBL - Sable Holdings - Lapse Of Option Agreement Between Sable And Enterprise

SBL - Sable Holdings - Lapse Of Option Agreement Between Sable And Enterprise   
              Risk Management ("ERM") And Further Cautionary Announcement       
Sable Holdings Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration Number 1968/010636/06)                                            
("Sable" Or "The Company")                                                      
SHARE CODE: SBL      & ISIN: ZAE000006383                                       
LAPSE OF OPTION AGREEMENT BETWEEN SABLE AND ENTERPRISE RISK MANAGEMENT ("ERM")  
AND FURTHER CAUTIONARY ANNOUNCEMENT                                             
Further to the previous announcements regarding a series of transactions        
between Sable and ERM, the last of which was released on SENS on 31 October     
2007, shareholders are advised that Sable and ERM are at an advanced stage of   
discussions as regards an alternative proposal for effecting a merger of Sable  
and ERM. In consequence, it has been agreed between Sable and ERM that ERM      
will not exercise the option to subscribe for new shares in Sable (on the       
terms of the option agreement detailed in the announcement published by ERM     
dated 15 May 2007). As these discussions may have a material effect on the      
price at which Sable shares trade, Sable shareholders are advised to continue   
to exercise caution in dealing with their shares until a further announcement   
is made in this regard.                                                         
JOHANNESBURG                                                                    
30 November 2007                                                                
SPONSOR                                                                         
SASFIN CAPITAL                                                                  
(A DIVISION OF SASFIN BANK LIMITED)                                             
Date: 30/11/2007 17:07:33 Supplied by www.sharenet.co.za                     
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