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Acquisition by Metropolitan Life Namibia of Momentum Group's 49% shareholding in Momentum Life Assurance Namibia
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 Holdings" or "the Company")
ACQUISITION BY METROPOLITAN LIFE NAMIBIA LIMITED, A SUBSIDIARY OF
MMI HOLDINGS, OF MOMENTUM GROUP LIMITED'S 49 PERCENT SHAREHOLDING IN
MOMENTUM LIFE ASSURANCE NAMIBIA LIMITED, RESULTING IN THE
CONSOLIDATION OF MMI HOLDINGS' OPERATIONS IN NAMIBIA
Introduction
Shareholders of the Company are referred to the announcement published by the Company
on 2 July 2012 regarding the acquisition by Metropolitan Life Namibia Limited ("Metropolitan
Life Namibia"), a subsidiary of the Company, of Momentum Group Limited's ("Momentum")
49 percent shareholding in Momentum Life Assurance Namibia 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 Momentum are fair as far as the shareholders of the Company are
concerned. On 28 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 19 July 2012 the Company received the Fairness Opinion which confirms that the terms
of the Transaction with Momentum 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
20 July 2012
Legal Advisors to MMI
Webber Wentzel
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: 20/07/2012 12:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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