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Sanlam - Signing of Transaction Agreements and Further Cautionary Announcement

Release Date: 16/02/2004 16:34
Code(s): SLM
Wrap Text

Sanlam - Signing of Transaction Agreements and Further Cautionary Announcement Sanlam Limited (Incorporated in the Republic of South Africa) (Registration number 1959/001562/06) (Share code: SLM) (ISIN code: ZAE000028262) ("Sanlam" or "the company") Ubuntu-Botho Investments (Proprietary) Limited (Registration number: 2004/002569/07) Signing of Transaction Agreements and Further Cautionary Announcement INTRODUCTION Shareholders of Sanlam are referred to the detailed joint cautionary announcement dated 4 December 2003 and the further cautionary announcement dated 15 January 2004 regarding an empowerment transaction that will result in Ubuntu- Botho Investments (Proprietary) Limited ("Ubuntu-Botho") acquiring an initial effective 10% of the issued share capital of Sanlam ("the transaction"). SIGNING OF LEGAL AGREEMENTS Shareholders are advised that the requisite legal agreements were signed on 13 February 2004. The implementation of the transaction remains subject to the fulfillment of the remaining conditions as announced on 4 December 2003. FINANCIAL EFFECTS ANNOUNCEMENT AND CIRCULAR TO SANLAM SHAREHOLDERS Full details of the financial effects of the transaction on Sanlam will be announced on or about 2 March 2004, at which time a circular to Sanlam shareholders setting out full details of the transaction and containing a notice of general meeting will be posted to Sanlam shareholders on or about 2 March 2004. SUSPENSIVE CONDITIONS Implementation of the transaction will be subject, inter alia, to: - the obtaining of the necessary regulatory approvals; - the obtaining of the requisite shareholder approval in general meeting for the entering into and implementation of the proposed transaction; and - finalisation of the Ubuntu-Botho funding arrangements. FURTHER CAUTIONARY ANNOUNCEMENT Shareholders of Sanlam are advised to continue to exercise caution when dealing in their securities until the financial effects announcement is made and the circular, detailing the transaction, is posted to shareholders. Cape Town 16 February 2004 Financial adviser and transactional sponsor to Sanlam Limited: Deutsche Securities Financial adviser to Ubuntu-Botho Investments Limited: JP Morgan Attorneys to Sanlam Limited: Jowell Glyn & Marais Attorneys to Ubuntu-Botho Investments Limited: Bowman Gilfillan Date: 16/02/2004 04:34:06 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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