Wrap Text
FSR/MET/ - FirstRand /Metropolitan Holdings /Momentum Group - Detailed
terms announcement in relation to the merger of Momentum and Metropolitan
and the withdrawal of cautionary announcement
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/010753/06)
Share code: FSR ISIN: ZAE000066304
("FirstRand")
Metropolitan Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/031756/06)
Share code: MET ISIN: ZAE000050456
("Metropolitan")
Momentum Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1904/002186/06)
("Momentum")
Detailed terms announcement in relation to the merger of Momentum and
Metropolitan, the subsequent unbundling by FirstRand of its shares in
Metropolitan, the specific repurchase of shares by Metropolitan and the
withdrawal of cautionary announcement
1 Introduction
FirstRand and Metropolitan shareholders are referred to the announcement
released on SENS on 31 March 2010 wherein shareholders were advised that
FirstRand, Metropolitan and Momentum (the "Parties") had reached agreement
on the proposed merger of Metropolitan and Momentum (the "Merger"), and to
the further cautionary announcements released on SENS on 17 May 2010, 15
June 2010 and 2 August 2010.
The Merger will create a leading insurance-based financial services group
that will significantly expand the product offerings, target markets and
growth prospects of Momentum and Metropolitan in South Africa and elsewhere
in Africa. Following the implementation of the Merger, FirstRand will
unbundle its entire shareholding in Metropolitan to its ordinary
shareholders (the "Unbundling"). The Merger and the Unbundling are
collectively hereinafter referred to as the "Transaction".
FirstRand and Metropolitan shareholders are advised that the reciprocal due
diligence processes have been completed to the satisfaction of the Parties
and the salient terms of the Transaction are set out in this announcement.
Circulars containing the details of the Transaction will be posted to
FirstRand and Metropolitan shareholders on or about Friday, 3 September
2010.
A general meeting of Metropolitan shareholders will be convened to be held
at 10:00 on Tuesday, 28 September 2010 in the Auditorium, 7 Parc du Cap,
Mispel Road, Bellville, Cape Town to consider and, if deemed fit, pass,
inter alia, the resolutions required to authorise the implementation of the
Merger and the specific repurchase of certain Metropolitan shares. A
general meeting of FirstRand ordinary shareholders will be convened to be
held at 11:00 on Tuesday, 28 September 2010 in the RMB Auditorium, 1
Merchant Place, Fredman Drive, Sandton to consider and, if deemed fit,
pass, inter alia, the resolutions required to authorise the implementation
of the Unbundling.
2 Transaction mechanism
The Merger will be implemented by FirstRand selling the entire issued
ordinary share capital of Momentum to Metropolitan, in consideration for
which Metropolitan will issue new Metropolitan ordinary shares to FirstRand
("Metropolitan Consideration Shares"). Following the implementation of the
Merger, FirstRand will proceed with the Unbundling. FirstRand has
irrevocably undertaken not to vote or dispose of the Metropolitan
Consideration Shares prior to the Unbundling.
3 Rationale for the Merger
Momentum and Metropolitan operate in different target markets, with
Momentum`s key area of focus being the upper-income market segment and
Metropolitan focusing predominantly on the low to middle-income markets
segments. This difference is especially noticeable in the retail sector of
each business. The Parties believe that significant value can be realised
for FirstRand and Metropolitan shareholders, clients, staff and other
stakeholders as a result of the Merger for, inter alia, the following
reasons:
* the combination of Momentum and Metropolitan will expand the merged
entity`s target markets and create a leading, competitive, insurance-
based financial services group with businesses in life insurance
(upper, middle and low-income groups), healthcare administration,
asset management, short-term insurance and employee benefits, both
locally and elsewhere in Africa;
* the merged entity will benefit from enhanced growth opportunities,
revenue synergies and economies of scale through the combination of
complementary target markets and resources;
* cross-selling of insurance-based financial products and loyalty
programmes into the large combined retail and group client bases of
Momentum and Metropolitan;
* capital efficiencies through the further diversification of risks as
part of an ongoing capital management programme;
* with its enlarged footprint the merged entity will be well positioned
to expand its activities outside of South Africa; and
* the merged entity will have a material black empowerment shareholding.
The merged entity, which will have a substantial free float, will be listed
in the Long-term Insurance Sector of the JSE Limited (the "JSE"). It will
also have a secondary listing on the Namibian Stock Exchange (the "NSX").
4 Name of the merged entity
Metropolitan, which is the entity listed on the JSE and the NSX, will be
renamed MMI Holdings Limited with effect from the date of implementation of
the Transaction. This new name will only apply to the listed entity and the
established and well-recognised brands of Metropolitan and Momentum will
continue to be used at the appropriate business and client levels. The
merged entity will retain an operational footprint throughout South Africa
and Africa, including the Centurion and Cape Town based centres.
5 Rationale for the Unbundling
FirstRand`s strategic intention is to be the leading financial services
group in Africa. It owns an extensive portfolio of established financial
services brands in South Africa and these, combined with its accelerating
African expansion plans and Asian corridor strategy, are expected to
deliver superior returns to shareholders.
In considering whether to proceed with the Unbundling, FirstRand evaluated
the consequences of retaining ownership of the Metropolitan Consideration
Shares within the FirstRand Group and decided that the interests of the
shareholders and other stakeholders of both FirstRand and the merged entity
would be best served through an unbundling, as this will:
* unlock value for FirstRand shareholders;
* ensure a substantial free float in the merged entity`s shares; and
* create an appropriate public profile for the merged entity.
FirstRand remains committed to growing its operations across all the profit
pools associated with lending, transactional and savings products and
services. It will continue to pursue the synergistic benefits that exist
between banking, insurance and asset management activities with the merged
entity, particularly given the success of FNB Insurance and the significant
growth opportunities for the merged entity. FirstRand`s future relationship
with the merged entity has been formalised through a strategic relationship
agreement.
6 Specific repurchase of Metropolitan shares
6 511 200 Metropolitan shares are held by the Metropolitan Staff Share
Purchase Trust and a further 3 528 400 Metropolitan shares by the
Metropolitan Share Incentive Trust (the "Trusts"). These shares have not
been allocated to participants in the two schemes and both schemes were
closed for new allocations in 2005. Accordingly, Metropolitan will
repurchase these unallocated shares from the Trusts (the "Specific
Repurchase"), subject to the passing and registration by the Registrar of
Companies (the "Registrar") of the requisite special resolution by
Metropolitan shareholders at the general meeting on Tuesday, 28 September
2010, for the sum of R169 167 260 equal to R16.85 per share, which is the
volume weighted average share price of a Metropolitan share traded on the
JSE over a period of 30 business days prior to 25 August 2010. Following
the registration of the relevant special resolution by the Registrar, the
shares will be acquired and cancelled as issued shares and restored to the
status of unissued authorised shares forthwith.
The Specific Repurchase will have no financial effect on Metropolitan or
its shareholders, save for a decrease in the diluted number of Metropolitan
shares, as the Trusts are consolidated and provision has been made for the
taxation consequences of the Specific Repurchase. Further details regarding
the Specific Repurchase will be included in the circular to be posted by
Metropolitan to its shareholders on or about Friday, 3 September 2010.
Subsequent to the Specific Repurchase and until 31 December 2010, a maximum
of 3 155 600 Metropolitan shares that may be acquired by the Metropolitan
Staff Share Purchase Trust and a maximum of 100 200 Metropolitan shares
that may be acquired by the Metropolitan Share Incentive Trust (together
the "Remaining Shares"), will be repurchased by
Metropolitan from the Trusts on 30 December 2010. The repurchase of the
Remaining Shares is subject to the passing of the requisite special
resolution by Metropolitan shareholders at the general meeting on Tuesday,
28 September 2010. The Remaining Shares will be acquired at a price of
R16.85 per share, which is the volume weighted average share price of a
Metropolitan share traded on the JSE over a period of 30 business days
prior to 25 August 2010. Following the registration of the relevant special
resolution by the Registrar, the shares will be acquired and cancelled as
issued shares and restored to the status of unissued authorised shares
forthwith.
7 Merger consideration
The exchange ratio was agreed following completion of the due diligence
investigations, to reflect a consistent Embedded Value valuation
methodology.
Accordingly, in terms of the adjusted merger exchange ratio, Metropolitan
will issue 951 496 294 Metropolitan Consideration Shares to FirstRand in
consideration for the entire issued ordinary share capital of Momentum.
Following implementation of the Transaction, FirstRand ordinary
shareholders will hold 59.3% and current Metropolitan shareholders 40.7% of
the issued share capital of the merged entity.
8 Unbundling ratio
Based on the merger exchange ratio (as set out above in paragraph 7),
FirstRand ordinary shareholders can expect to receive 16.9 shares in the
merged entity for every 100 ordinary shares held in FirstRand.
9 Board and CEO of the merged entity
The board of the merged entity will be reconstituted following the
implementation of the Transaction to include nominees of FirstRand,
Metropolitan and Momentum. The Parties have agreed to nominate Laurie
Dippenaar as the first chairman and JJ Njeke as the deputy chairman of the
merged entity. The appointment of Messrs Dippenaar and Njeke will be for
one year, after which they will step down from these positions. The parties
have also agreed to appoint Nicolaas Kruger as the group chief executive
officer and Wilhelm van Zyl as the deputy group chief executive officer.
Preston Speckmann will remain the group finance director and Morris
Mthombeni will be appointed as an additional executive director. Johan
Burger, Blignault Gouws, Paul Harris, Fatima Jakoet, Joyce Matlala, Jabu
Moleketi, Syd Muller, John Newbury, Sizwe Nxasana, Khehla Shubane, Frans
Truter, Ben van der Ross, Johan van Reenen and Mary Vilakazi have been
nominated as non-executive board members of the merged entity.
10 Unaudited pro forma financial information
10.1 FirstRand
The table below sets out the unaudited pro forma financial effects of the
Transaction on FirstRand for the six months ended 31 December 2009. These
pro forma financial effects have been prepared for illustrative purposes
only and, because of their nature, may not fairly present FirstRand`s
financial position, changes in equity, and results of operations or cash
flows. The pro forma financial information below is the responsibility of
the directors of FirstRand.
FirstRand Unaudited Change
before the adjusted (%)
Transaction FirstRand
after the
Transaction
Earnings (R million) 4 520 13 245
Headline earnings (R 4 492 3 898
million)
Normalised earnings (R 4 605 3 962
million) (1)
Earnings per share 86.1 250.8 191
(cents)
Fully diluted earnings 85.8 250.1 191
per share (cents)
Headline earnings per 85.5 73.8 (14)
share (cents)
Fully diluted headline 85.3 73.6 (14)
earnings per share
(cents)
Normalised earnings per 81.7 70.3 (14)
share (cents) (1)
Fully diluted normalised 81.7 70.3 (14)
earnings per share
(cents) (1)
Net asset value per 948 805 (15)
share (cents)
Tangible net asset value 841 756 (10)
per share (cents)
Number of shares in 5 263 5 292
issue after treasury
shares (million)
Weighted average number 5 252 5 282
of shares in issue
(million)
Diluted weighted average 5 267 5 297
number of shares in
issue (million)
Notes:
1 Normalised earnings are a measure of performance that has been used by
FirstRand historically in addition to earnings and headline earnings
as it is seen by the directors of FirstRand as an appropriate measure.
Normalised earnings are derived at by adjusting headline earnings to
take into account non operational and accounting anomalies. Normalised
earnings are a FirstRand developed performance measurement and is
therefore not governed by IFRS.
Assumptions
* The unaudited pro forma financial effects are based on the published
unaudited financial information of FirstRand for the six month period
ended 31 December 2009 and are based on the accounting policies
adopted by FirstRand, which are in accordance with IFRS.
* The financial impact on the earnings of FirstRand is illustrated as if
the Transaction was implemented on 1 July 2009, and the impact on the
net assets of FirstRand is calculated as if the Transaction was
implemented on 31 December 2009.
* Net tangible asset value is the net asset value less goodwill and
other intangible assets.
* Historically Momentum`s financial information was consolidated into
FirstRand`s financial information. The impact of the Transaction on
the unaudited pro forma income statement represents the reversal of
Momentum`s attributable portion to FirstRand`s earnings for the six
months ended 31 December 2009 and the recognition of a profit on the
Unbundling, which is effected at fair value. The impact of the
Transaction on the statement of financial position represents the
elimination of Momentum`s net asset value impact on the FirstRand
consolidated statement of financial position as at 31 December 2009.
* The profit on the Unbundling referred to above is non-recurring and is
calculated at R9 314 million. This profit has been calculated with
reference to the fair value of the Metropolitan Consideration Shares,
based on a Momentum embedded value of R17 220 million (adjusted for
the value attributable to FNB Life of R615 million), received less the
historic carrying value of Momentum of R7 906 million. The actual
profit made on the distribution of Momentum will be calculated on the
effective date of the Transaction.
* The treatment of the FirstRand shares held by Momentum policyholders
as treasury shares, is reversed and impacts the number of FirstRand
shares in issue used to calculate the financial effect.
* FirstRand will receive 90% of the earnings of FNB Life in terms of the
merger agreement. For purposes of the unaudited pro forma adjustments,
this amount has been treated as non interest income, given that the
legal mechanism is yet to be finalised which results in a R191 million
(after income tax of 28%), adjustment to earnings, based on the actual
earnings of FNB Life for the six months ended 31 December 2009. There
is no adjustment for any interest received as the non interest income
is assumed to be received at the end of the six months.
* Total estimated transaction costs to be incurred by FirstRand
(excluding costs incurred by Momentum) amount to R11 million and are
non-recurring. Of the total costs, external costs of R5 million impact
the consolidated earnings of FirstRand. R6 million are internal costs
and are eliminated on consolidation. The impact of the net cash
outflow on interest costs is immaterial.
10.2 Metropolitan
The table below sets out the unaudited pro forma financial effects of the
Merger on Metropolitan for the financial year ended 31 December 2009. These
pro forma financial effects have been prepared for illustrative purposes
only and, because of their nature, may not fairly present Metropolitan`s
financial position, changes in equity and results of operations or cash
flows. The pro forma financial information below is the responsibility of
the directors of Metropolitan.
Audited Unaudite %
unadjuste d chang
d adjusted e
Metropoli Metropol
tan itan
before after
the the
Merger Merger
and and
Specific Specific
Repurchas Repurcha
e se
Earnings (R million) 1 129 1 846 -
Diluted earnings (R million) 1 247 1 964 -
Headline earnings (R million) 1 190 1 976 -
Diluted headline earnings (R 1 308 2 094 -
million)
Core headline earnings (R 816 2 051 -
million) (1)
Diluted core headline earnings 934 2 184 -
(R million) (1)
Earnings per share (cents) 214 126 (41)
Diluted earnings per share 188 123 (35)
(cents )
Headline earnings per share 225 134 (40)
(cents)
Diluted headline earnings per 197 131 (34)
share (cents)
Core headline earnings per 154 140 (9)
share (cents) (1)
Diluted core headline earnings 141 137 (3)
per share (cents) (1)
Net asset value per share 1 207 1 394 15
(cents)
Tangible net asset value per 1 122 588 (48)
share (cents)
Diluted embedded value per 1 811 1 831 1
share (cents)
Number of ordinary shares in 548 1 489
issue (million)
Diluted number of shares in 663 1 594
issue (million) (2)
Weighted average number of
ordinary shares in issue 529 1 470
(million)
Diluted weighted average
number of shares in issue 663 1 594
(million) (2)
Notes:
1 Core headline earnings are a measure of the performance that has been
used by Metropolitan historically in addition to earnings and headline
earnings as it is seen by the directors of Metropolitan as an
appropriate measure. Core headline earnings eliminate items of both a
once-off and an inherently volatile nature, such as changes to the
valuation basis, investment variances, capital
appreciation/depreciation and the amortisation of any intangible
assets recognised due to business combinations.
2 Includes the conversion of 100 081 139 preference shares held by KTI
Trust Investments (Proprietary) Limited.
Assumptions
* Intangible assets have been recognised as a result of the preliminary
purchase price allocation performed on Metropolitan in terms of IFRS 3
(Revised) - Business combinations. Additional amortisation relating to
these intangible assets has been recognised in the pro forma financial
information and consists of value of business acquired (R210 million),
customer relations, being the value of in-force of Metropolitan Health
Group and Metropolitan Asset Management (R103 million) and other
intangible assets (R57 million); totalling R370 million. The following
table demonstrates the impact of the additional amortisation of the
intangible assets recognised as a result of the Transaction:
Before the Additional % change
Merger and amortisati
Specific on of
Repurchase intangible
assets
Earnings per share (cents) 214 (25) (12%)
Diluted earnings per share (23) (12%)
(cents) 188
Headline earnings per share 225 (25) (11%)
(cents)
Diluted headline earnings per 197 (23) (12%)
share (cents)
There is no impact on core and diluted core headline earnings as these
already exclude the impact of amortisation of any intangible assets
recognised due to business combinations.
* The unaudited pro forma financial effects are based on the published
and audited consolidated financial information of Metropolitan for the
year ended 31 December 2009 and the reviewed financial information of
Momentum for the 12 months ended 31 December 2009, adjusted for the
alignment of accounting policies, which are in accordance with IFRS.
* Embedded value information is based on the published financial
information of Metropolitan as at 31 December 2009 and the published
financial information of Momentum included in the FirstRand interim
results as at 31 December 2009 and is in accordance with the embedded
value guidance of the Actuarial Society of South Africa (Practice
Guidance Note 107).
* The financial impact on the earnings of Metropolitan is illustrated as
if the Merger and Specific Repurchase were implemented on 1 January
2009, and the impact on the net assets and embedded value of
Metropolitan is calculated as if the Merger was implemented on 31
December 2009.
* The "Unaudited unadjusted Metropolitan before the Merger and Specific
Repurchase" column has been extracted from the published audited
annual financial statements of Metropolitan for the year ended 31
December 2009, except for the embedded value, which has been extracted
from the published annual report of Metropolitan for the year ended 31
December 2009.
* The "Unaudited adjusted Metropolitan after the Merger and Specific
Repurchase" column reflects the pro forma financial position after the
implementation of the Merger and Specific Repurchase.
* Tangible net asset value is the net asset value less goodwill and
other intangible assets.
* The number of shares in issue before the Merger represents the number
of shares Metropolitan had in issue at 31 December 2009.
* Metropolitan will be issuing 951 million Metropolitan shares in
exchange for shares in Momentum, referred to as the Metropolitan
Consideration Shares.
* The Metropolitan shares held by the Metropolitan Staff Share Purchase
Trust and the Metropolitan Share Incentive Trust, which have not been
allocated to participants, are removed from the diluted number of
shares as a result of the Specific Repurchase.
* The Merger has been accounted for as a reverse acquisition under IFRS
3 (Revised) - Business combinations and Momentum is therefore assumed
to be the accounting acquirer and Metropolitan the accounting
acquiree.
* Assets, liabilities and shareholders` equity of Momentum are
carried forward into the merged entity at their historic values
(after aligning accounting policies to the policies to be adopted
by the merged entity).
* A preliminary purchase price allocation was performed on
Metropolitan and the assets and liabilities of Metropolitan are
consolidated at their fair values based on the preliminary
purchase price allocation.
* The fair value of the purchase consideration of Metropolitan is
considered to be R12 007 million (with reference to
Metropolitan`s published embedded value at 31 December 2009)
giving rise to the recognition of intangible assets and fair
value adjustments to assets and liabilities totalling R5 395
million.
* A formal valuation of Metropolitan`s assets and liabilities will
be performed at the acquisition date. This will impact the
eventual fair value and nature of identified assets, intangible
assets and the value of the resulting goodwill, if any, as
applicable.
* 10 million Metropolitan shares held by Momentum at 31 December 2009
have been treated as treasury shares. The market value at 31 December
2009, dividend income and realised and unrealised gains for the year
ended 31 December 2009 relating to these shares have been eliminated.
* Total estimated transaction costs to be incurred amount to R32 million
for Metropolitan (accounted for as part of the purchase price
allocation as assumed pre-acquisition) and R38 million for Momentum
(reducing earnings) and are all non-recurring. The net impact of
interest and tax is calculated at R4 million.
* In terms of the merger agreements FirstRand will receive 90% of the
earnings of FNB Life in the future. For purposes of the pro forma
adjustments, this amount has been treated as a R381 million (after
income tax of 28%) adjustment to earnings based on the actual earnings
of FNB Life for the 12 months ended 31 December 2009. There is no
adjustment for any interest expense as the fee is assumed to be paid
at the end of the 12 months.
* Embedded value after the Merger and Specific Repurchase has been
adjusted for the 90% of the embedded value of FNB Life at 31 December
2009 attributable to FirstRand, transaction costs incurred by
Metropolitan and Momentum and accounting policy adjustments made to
align the accounting policies to those to be adopted by the merged
entity.
11 Conditions to the Transaction
The Merger is subject to the resolutive condition that the Unbundling
is implemented within 10 business days following implementation of the
Merger. In addition, the Transaction is subject to the fulfilment or,
where appropriate, waiver of the following suspensive conditions prior
to 28 October 2010, namely:
* approval by Metropolitan shareholders of the requisite resolutions to
give effect to the Merger;
* approval by FirstRand ordinary shareholders of the requisite
resolutions to give effect to the Unbundling;
* registration by the Registrar of the special resolutions required to
give effect to the Transaction;
* approval of the Transaction, to the extent required, by the Registrar
of Long-term Insurance, the Registrar of Short-term Insurance, the
Registrar of Pension Funds, the South African Reserve Bank and the
Competition Tribunal;
* waiver by certain parties of their pre-emptive and/or other change of
control rights that may arise from the implementation of the Proposed
Transaction; and
* approval by the JSE of the documentation required to give effect to
the Transaction and approval by the JSE for the listing of the
Metropolitan Consideration Shares.
12 Salient dates and times
2010
FirstRand circular and Metropolitan Friday, 3
revised listing particulars posted to September
FirstRand shareholders on
Metropolitan circular and revised Friday, 3
listing particulars posted to September
Metropolitan shareholders on
Last day to trade in the ordinary Wensday, 15
shares of FirstRand and Metropolitan September
in order to vote at the general
meeting of FirstRand and Metropolitan
shareholders on
Record date to vote at the general Wensday, 22
meeting of FirstRand and Metropolitan September
shareholders on
Last day to lodge forms of proxy for Thursday, 23
the general meeting of FirstRand and September
Metropolitan shareholders by 11:00 and
10:00 respectively on
General meeting of Metropolitan Tuesday, 28
shareholders to be held at 10:00 in September
the Auditorium, 7 Parc du Cap, Mispel
Road, Bellville, Cape Town
General meeting of FirstRand Tuesday, 28
shareholders to be held at 11:00 in September
the RMB Auditorium, 1 Merchant Place,
Fredman Drive, Sandton
Results of the general meeting of Tuesday, 28
FirstRand and Metropolitan September
shareholders released on SENS on
Results of the general meeting of Wednesday, 29
FirstRand and Metropolitan September
shareholders published in the South
African and Namibian press on
The above dates and times are subject to change. Furthermore, the
timing of the completion of the Merger is primarily determined by the
decision of the regulatory authorities. Further announcements will be
made on SENS and published in the South African and Namibian press
once all of the suspensive conditions have been fulfilled, which is
expected to be around the end of October 2010, and to inform
shareholders of the change of name of Metropolitan.
Metropolitan will release its interim results for the six months ended
30 June 2010 on 1 September 2010 and FirstRand will release its year-
end results for the period ended 30 June 2010 on 14 September 2010.
The pro forma financial information will be recalculated using the
updated results for the six-month period to 30 June 2010 for both
companies and will be published on SENS and in the South African and
Namibian press.
13 Withdrawal of joint cautionary announcement and posting of circulars
FirstRand and Metropolitan shareholders are advised that, as a result
of the publication of this announcement, the joint cautionary
announcement is now withdrawn and caution is no longer required to be
exercised by FirstRand and Metropolitan shareholders when dealing in
their respective shares.
Circulars will be posted to FirstRand and Metropolitan shareholders
holding certificated shares, as well as to those shareholders holding
dematerialised shares, that have elected to receive such documents, on
or about Friday, 3 September 2010. FirstRand and Metropolitan
shareholders who hold dematerialised shares and have not elected to
receive such documents must contact their CSDP or broker in the manner
and at times stipulated in the terms of the agreement entered into
between such shareholders and their CSDPs or brokers should they wish
to receive the relevant documents.
26 August 2010
Merchant bank and sponsor to FirstRand and merchant bank to Momentum
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisors to FirstRand and Momentum
Webber Wentzel
Independent sponsor to FirstRand
PricewaterhouseCoopers Corporate Finance
Financial advisors and joint transaction sponsors to Metropolitan
JP Morgan
Fidelis Partners
Joint transaction sponsor to Metropolitan
Merrill Lynch South Africa (Pty) Limited
Legal advisors to Metropolitan
Edward Nathan Sonnenbergs
Sponsor in Namibia to FirstRand and Metropolitan
Simonis Storm Securities (Pty) Limited
Actuaries to the transaction
Deloitte & Touche
Date: 26/08/2010 12:27:13 Supplied by www.sharenet.co.za
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