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Fulfilment of Remaining Condition Precedent Relating to the Disposal of The Regent Group
Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
Share code: IPL
ISIN: ZAE000067211
(”Imperial”)
FULFILMENT OF REMAINING CONDITION PRECEDENT RELATING TO THE
DISPOSAL OF 100% OF THE ORDINARY SHARES IN AND TIER 2 CAPITAL
OF THE REGENT GROUP
Shareholders are referred to the announcement dated 24 April
2017 relating to the approval by the Competition Tribunal of the
disposal of the ordinary shares in and tier 2 capital of the
Regent Group (Regent Life Assurance Company Limited and Regent
Insurance Company Limited)(“the Transaction”) as well as prior
announcements in this regard.
Imperial is pleased to advise shareholders that on 26 June 2017,
the South African Financial Services Board approved the
Transaction.
The value of the net assets as at 30 June 2016 that are the
subject of the Transaction is approximately R1.6 billion
(including Tier 2 capital of R200 million).
The profits after tax attributable to the net assets that are
the subject of the Transaction are approximately R170 million,
based on the annual financial statements for the year ended 30
June 2016.
The outstanding portion of the total purchase consideration of
approximately R1.1 billion will be settled in cash on 30 June
2017 and the proceeds will be used to reduce short term debt.
The total purchase consideration received by Imperial, including
the Regent Africa proceeds (concluded in January 2017), will now
amount to approximately R1.8 billion (including Tier 2 capital
of R200 million).
No further changes to the original Transaction have been
effected apart from the information contained in this
announcement and disclosed in the aforementioned announcement.
The Transaction is now unconditional.
Bedfordview
28 June 2017
Sponsor:
Merrill lynch South Africa (Pty) Limited
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