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FSR - FirstRand Limited - Completion of OUTsurance sale

Release Date: 21/06/2011 14:00
Code(s): FSR
Wrap Text

FSR - FirstRand Limited - Completion of OUTsurance sale FirstRand Limited (Incorporated in the Republic of South Africa (Registration number 1966/010753/06) Share code: FSR ISIN: ZAE000066304 ("FirstRand") COMPLETION OF OUTSURANCE SALE Further to the announcement released by FirstRand on 15 December 2010, shareholders are advised that the implementation of the sale by FirstRand of its 45% effective interest in OUTsurance Holdings Limited ("OUTsurance") to Rand Merchant Insurance Holdings Limited (the "Sale") has been completed. The effective date of the Sale is 4 May 2011. The agreed sale consideration of R 3 750 million for the 45% effective interest in OUTsurance was adjusted for, inter alia, an interim dividend payment and interest accrued on the sale consideration, resulting in a final sale consideration of R 3 640 million. FirstRand also sold the preference shares held by the FirstRand group in OUTsurance for a sale consideration of R401 million. 21 June 2011 Merchant bank and sponsor to FirstRand RAND MERCHANT BANK (A division of FirstRand Bank Limited) Transaction advisor to FirstRand Greenhill Legal advisor to FirstRand Deneys Reitz Independent expert KPMG Service (Proprietary) Limited Date: 21/06/2011 14:00:06 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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