Sharenet Sites 
Sharenet Sites
Alexander Forbes Equity Holdings (Pty) Ltd announces sale of UK -based Alexander Forbes Consultants & Actuaries divi
Alexander Forbes Preference Share Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/031561/06)
Share code: AFP ISIN number: ZAE000098067
(“the Company”)
ALEXANDER FORBES EQUITY HOLDINGS (PTY) LTD ANNOUNCES SALE OF UK-
BASED ALEXANDER FORBES CONSULTANTS & ACTUARIES DIVISION SOLD TO
THE JLT GROUP
Alexander Forbes Equity Holdings (Pty) Ltd (“Alexander Forbes”)
announced today that it has reached an agreement to sell a portion
of its UK business - Alexander Forbes Consultants & Actuaries
(AFCA) - to the Jardine Lloyd Thompson Group plc (JLT) to become
part of JLT's Employee Benefit business, for a cash consideration
of £17m. This is subject to regulatory approval and certain other
conditions precedent.
Edward Kieswetter, Group Chief Executive of Alexander Forbes said:
“The disposal brings together complementary organisations
committed to ongoing positive and impactful client service. JLT
will gain access to AFCA’s proven expertise and loyal customer
base, who in turn stand to benefit from the increased scale of the
combined business”. The augmented employee benefits business will
employ more than 2,000 staff, including approximately 70
actuaries, 180 consultants and 35 Wealth Management Advisors.
The turnaround of AFCA over the past three years is clear evidence
of the success of its strategy. The acquisition of AFCA will
impact on the scale of JLT, which will better enable it to meet
the challenges of a changing employee benefits market; as well as
consolidating its position as one of the UK’s leading full-service
employee benefits consultants.
Duncan Howorth, CEO of JLT UK Employee Benefits, said: “This
acquisition brings together two market-leading employee benefit
businesses which share similar culture, drive and client
offerings. Our combined clients will benefit in several ways,
particularly through enhanced enrolment technology, access to a
broader range of Wealth Management services and strong
administration capabilities.”
Edward Kieswetter, Group Chief Executive of Alexander Forbes said:
“the Alexander Forbes Group’s presence in the UK and the rest of
Europe continues through its significant interests in LCP,
Investment Solutions, Media Insurance Services, Alexander Forbes
Offshore and Alexander Forbes Trustee Services”.
A portion of the proceeds net of certain of certain deferrals, net
of transaction costs and insurance costs, will be applied to repay
the High Yield Term Loan. A further announcement will be made in
this regard.
Johannesburg
5 October 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/10/2012 09:34:00 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.
