To view the PDF file, sign up for a MySharenet subscription.

MMI Holdings Limited - Momentum Group Acquires 50 Percent Shareholding In Momentum Short-Term Insurance Company from Outsurance Holdings

Release Date: 06/07/2012 16:07
Code(s): MMI
Wrap Text
MMI Holdings Limited
(Incorporated in the Republic of South Africa)
Registration Number: 2000/031756/06
ISIN Code: ZAE000149902
JSE Share Code: MMI
NSX Share Code: MIM
("MMI" or "the Company")


ACQUISITION BY MOMENTUM GROUP LIMITED, A WHOLLY-OWNED SUBSIDIARY OF
THE COMPANY,OF OUTSURANCE HOLDINGS LIMITED'S 50 PERCENT
SHAREHOLDING IN MOMENTUM SHORT-TERM INSURANCE COMPANY LIMITED Introduction
Shareholders of the Company are referred to the announcement published by the Company on 5 June 2012 regarding the acquisition by Momentum Group Limited ("Momentum"), a wholly-owned subsidiary of the Company, of OUTsurance Holdings Limited's ("OUTsurance") 50 percent shareholding in Momentum Short-term Insurance Company Limited ("the Transaction"). Fairness Opinion
In terms of paragraph 10.7(b) of the Listings Requirements of the JSE Limited ("JSE Listings Requirements"), the Company was required to provide the JSE Limited ("JSE") with written confirmation from an independent expert acceptable to the JSE, that the terms of the Transaction with OUTsurance, being a related party of the Company, are fair as far as the shareholders of the Company are concerned. On 7 June 2012, the JSE approved the appointment of Deloitte & Touche to furnish an independent fairness opinion to the Company for purposes of the Transaction ("Fairness Opinion").
On 5 July 2012 the Company received the Fairness Opinion which confirms that the terms of the Transaction with OUTsurance are fair as far as the shareholders of the Company are concerned. The JSE has also accepted the Fairness Opinion.
The Fairness Opinion will lie open for inspection for a period of 28 days from the date of this announcement at the Company's registered office at 268 West Avenue, Centurion, Gauteng, 0157. Centurion 6 July 2012 Legal Advisors to MMI Webber Wentzel
MMI - Fairness opinion - 6 July 2012 FINAL SENS.doc 06/07/2012 Corporate Finance Advisors to MMI
Rand Merchant Bank (A division of FirstRand Bank Limited) Sponsor to MMI in South Africa Merrill Lynch South Africa (Proprietary) Limited Sponsor to MMI in Namibia Simonis Storm Securities (Proprietary) Limited
Date: 06/07/2012 04:07:00 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.

Share This Story