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RAND MERCHANT INSURANCE HLDGS LTD - Early Redemption Of R401 Million Redeemable Preference Share Funding, Acquisition Of Additional Ordinary Shares In M

Release Date: 14/12/2012 14:16
Code(s): RMI
Wrap Text
Early Redemption Of R401 Million Redeemable Preference Share Funding, Acquisition Of Additional Ordinary Shares In M

RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2010/005770/06
ISIN: ZAE000153102
Share code: RMI
("RMI")

EARLY REDEMPTION OF R401 MILLION REDEEMABLE PREFERENCE
SHARE FUNDING, ACQUISITION OF ADDITIONAL ORDINARY SHARES
IN MMI HOLDINGS LIMITED AND CONFIRMATION OF MAKE-UP OF
RMI INVESTMENT PORTFOLIO

1.   EARLY REDEMPTION OF R401 MILLION REDEEMABLE
     PREFERENCE SHARE FUNDING

Shareholders are advised that OUTsurance Holdings Limited
utilised internally generated resources to repurchase
R401 million preference shares that it had previously
issued to RMI.

The proceeds arising were utilised by RMI for the early
redemption of R401 million variable rate, cumulative
redeemable preference shares. After the redemption, RMI’s
core term funding comprises:
-  R299 million variable rate, cumulative redeemable
   preference shares due for redemption on 15 June 2016,
   paying six monthly dividends at 80.85% of the prime
   interest rate per annum; and
-  R750 million fixed rate, cumulative redeemable
   preference shares due for redemption on 15 June 2016,
   paying six monthly dividends at 9.14% per annum.

2.   ACQUISITION OF ADDITIONAL ORDINARY SHARES IN MMI
     HOLDINGS LIMITED

Shareholders are advised that RMI had acquired an
additional 825 000 ordinary shares in MMI Holdings
Limited, thereby restoring its shareholding to 25% of the
issued ordinary share capital of MMI Holdings Limited.

3.   MAKE-UP OF RMI INVESTMENT PORTFOLIO

To facilitate greater transparency and to assist
shareholders in evaluating the RMI investment portfolio,
the following analysis of the current make-up of RMI`s
investment portfolio is provided:
                                  Ordinary     Percentage
                                  shares held  of issued
                                  (million)    capital
Listed equities:
-   Discovery Limited              148.0       25.0%
-   MMI Holdings Limited           392.5       25.0%

Unlisted equities:
- OUTsurance Holdings Limited    2 933.3       83.4%
- RMB-SI Investments(Pty)Limited   200.0       76.4%

Other assets / investments          R971 million
Other liabilities / borrowings   (R1 083 million)

Sandton
14 December 2012

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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