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SLM/SLA - Sanlam Limited - Result of the voluntary tender offer

Release Date: 14/05/2007 08:55
Code(s): SLM
Wrap Text

SLM/SLA - Sanlam Limited - Result of the voluntary tender offer Incorporated in the Republic of South Africa (Registration number 1959/001562/06) JSE share code: SLM NSX share code: SLA ISIN: ZAE000070660 ("Sanlam") RESULT OF THE VOLUNTARY TENDER OFFER 1. INTRODUCTION Further to the Sanlam circular dated 2 April 2007 ("the circular") detailing a voluntary tender offer by Sanlam, through a Sanlam subsidiary ("the Sanlam subsidiary"), and the SENS announcement relating to the voluntary tender offer becoming unconditional on 25 April 2007, Sanlam announces the result of the voluntary tender offer, which closed on Friday, 11 May 2007. Shareholders are reminded that the voluntary tender offer was effected in terms of sections 85 to 89 (both inclusive) of the Companies Act No 61 of 1973, as amended, through a specific repurchase of up to 125 million Sanlam ordinary shares, at a strike price determined in the manner set out in the circular in a price range of R17.00 to R21.00 (both inclusive) per Sanlam ordinary share in increments of R0.50 per Sanlam ordinary share, starting from the minimum price. 2. THE VOLUNTARY TENDER OFFER STRIKE PRICE The strike price for the voluntary tender offer has been calculated as R21.00 per Sanlam ordinary share. 3. NUMBER OF SANLAM ORDINARY SHARES SUCCESSFULLY TENDERED 17,857,294 Sanlam ordinary shares were validly tendered by Sanlam ordinary shareholders in terms of the voluntary tender offer, representing 0.8% of the total issued ordinary shares of Sanlam. As the number of Sanlam ordinary shares validly tendered is less than the maximum repurchase threshold of 125 million Sanlam ordinary shares, all valid tenders will be repurchased by the Sanlam subsidiary at R21.00 per Sanlam ordinary share in accordance with the terms of the voluntary tender offer. A total of R375,003,174 will therefore be paid to Sanlam ordinary shareholders through the implementation of the voluntary tender offer. 4. SETTLEMENT OF THE VOLUNTARY TENDER OFFER CONSIDERATION The voluntary tender offer consideration of R21.00 per Sanlam ordinary share will be paid by 21 May 2007 to those Sanlam ordinary shareholders whose Sanlam ordinary shares have been successfully tendered, and accepted by the Sanlam subsidiary, in terms of the voluntary tender offer. 5. CAPITAL MANAGEMENT The Sanlam Board remains committed to optimise the capital utilisation in the Sanlam Group and will continue to investigate the most efficient alternatives of reducing capital that is in excess of the Group`s ongoing business requirements. Shareholders will be kept informed of progress in this regard. Bellville 14 May 2007 Financial adviser and transaction sponsor Attorneys Deutsche Securities (SA) (Proprietary) Limited Jowell Glyn & Marais Date: 14/05/2007 08:55:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.

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