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FSR - FirstRand Limited - Dealing in securities by directors: implementation of
share purchase transaction between directors and senior executives of Firstrand
and RMBH
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
ISIN: ZAE000066304
Share Code: FSR
JSE Share code: FSR
NSX Share code: FSR
("FirstRand")
DEALING IN SECURITIES BY DIRECTORS: IMPLEMENTATION OF SHARE PURCHASE TRANSACTION
BETWEEN DIRECTORS AND SENIOR EXECUTIVES OF FIRSTRAND AND RMBH
FirstRand and RMB Holdings Limited ("RMBH") shareholders were advised on 23
December 2009 of a private transaction in which RMBH and FirstRand directors G T
Ferreira, L L Dippenaar and P K Harris (collectively "the Founders` Consortium")
had agreed to sell 1,2 million RMBH and 22,8 million FirstRand ordinary shares
to a group of senior executives in RMBH and FirstRand (the "Executive Share
Purchase Transaction").
To implement the Executive Share Purchase Transaction, the Founders` Consortium
needed to sell RMBH ordinary shares and acquire FirstRand ordinary shares in the
market. While the terms, rights and obligations of the Executive Share Purchase
Transaction were fixed at that stage, delivery of the underlying RMBH and
FirstRand ordinary shares has to date not taken place as, up to 15 December
2010, either FirstRand and/or RMBH had been trading under a cautionary as a
result of their respective restructurings.
On 15 December 2010, following the RMBH SENS release of the detailed terms of
the RMBH restructuring, Remgro Limited announced that it had reached agreement
to sell FirstRand ordinary shares and MMI Holdings Limited ("MMI") ordinary
shares to the Founders` Consortium in exchange for RMBH ordinary shares (the
"Remgro Exchange Transaction"). All of the conditions of the Remgro Exchange
Transaction have now been fulfilled.
The Founder`s Consortium will use all FirstRand ordinary shares and MMI ordinary
shares acquired in the Remgro Exchange Transaction to meet their delivery
obligations under the Executive Share Purchase Transaction.
Consequently, in compliance with the JSE Limited Listings Requirements, the
following information relating to the implementation of the Remgro Exchange
Transaction is disclosed:
Director : Lauritz Lanser Dippenaar
Company : FirstRand
Date of transaction : 4 February 2011
Nature of transaction : Off market purchase of
securities
Number of securities : 8,833,910
Class of securities : Ordinary shares
Purchase price : R18.27 (Note 1)
Total value of transaction : R161,365,484
Nature of interest : Non-beneficial, for delivery
in terms of the Executive
Share Purchase Transaction
Clearance obtained : Yes
Director : Paul Kenneth Harris
Company : FirstRand
Date of transaction : 4 February 2011
Nature of transaction : Off market purchase of
securities
Number of securities : 2,876,157
Class of securities : Ordinary shares
Purchase price : R18.27 (Note 1)
Total value of transaction : R52,537,600
Nature of interest : Non-beneficial, for delivery
in terms of the Executive
Share Purchase Transaction
Clearance obtained : Yes
Note:
(1) 15 day VWAP on the Pricing date for FirstRand Limited was R21.16, which was
allocated between the FirstRand Limited ordinary shares and the unbundled MMI
Holdings ordinary shares
For the sake of completeness, disclosure of the following transactions in
FirstRand ordinary shares, which formed part of the Executive Share Purchase
Transaction, is repeated:
Director : Sizwe Errol Nxasana
Company : FirstRand
Date of transaction : 23 December 2009
Nature of transaction : Off market purchase of
securities
Number of securities : 3,735,990
Class of securities : Ordinary shares
Purchase price* : R16.06
Total value of transaction : R60,000,000
Nature of interest : Indirect beneficial
Clearance obtained : Yes
Director : Johann Petrus Burger
Company : FirstRand
Date of transaction : 23 December 2009
Nature of transaction : Off market purchase of
securities
Number of securities : 4,981,320
Class of securities : Ordinary shares
Purchase price* : R16.06
Total value of transaction : R80,000,000
Nature of interest : Indirect beneficial
Clearance obtained : Yes
Note:
(*)30-day volume weighted average prices ruling in middle October 2009 when
discussions were initiated.
Johannesburg
7 February 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/02/2011 16:45:34 Supplied by www.sharenet.co.za
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