SASFIN HOLDINGS LIMITED - Voluntary update regarding the acquisition by Sasfin of SCMSA from SAXO Bank

Release Date: 29/05/2018 17:28
Code(s): SFN SFNP
 
Wrap Text
Voluntary update regarding the acquisition by Sasfin of SCMSA from SAXO Bank

SASFIN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1987/002097/06)
(“Sasfin” or “the group”)
Ordinary share code: SFN ISIN: ZAE000006565
Preference share code: SFNP ISIN: ZAE000060273


VOLUNTARY UPDATE REGARDING THE ACQUISITION BY SASFIN AND THE MANAGEMENT
OF SAXO CAPITAL MARKETS SOUTH AFRICA (“SCMSA”) OF SCMSA FROM SAXO BANK A/S
(“SAXO BANK”)

Sasfin, Saxo Bank and the management of SCMSA announced on 17 April 2018 that Sasfin and the
management of SCMSA had agreed to acquire SCMSA from Saxo Bank, subject to the fulfilment of
certain conditions precedent (“Acquisition”). The parties hereby confirm that the conditions
precedent have been successfully fulfilled. The transaction is now unconditional and will come into
effect on 01 June 2018. The structure of the Acquisition will see Sasfin hold an indirect minority stake
in SCMSA.

Due to the pending change in shareholding, SCMSA will shortly be changing its name to SCM DMA
(Pty) Ltd, trading as “DMA”. DMA is an acronym for Direct Market Access. It aligns to the services
DMA will continue to provide to direct clients as well as various other parties in the financial services
industry.

DMA will continue to collaborate with Saxo Bank, leveraging their unique technology and global
market access. Clients of the newly named entity will continue to have access to the same broad
product range and platforms as they are used to.

The combination of Sasfin, Saxo Bank and DMA provides an opportunity to grow DMA further through
the extraction of the meaningful synergies that exist between all the parties. In addition, an investment
into DMA will lead to the facilitation of broader trade within the South African financial markets. As
Saxo Bank drives its open architecture strategy, current and potential clients will see an enhanced
user experience for the local financial markets incorporating regulatory reporting and market data
management.

Current clients of SCMSA will see no change in their service and contractual basis with Saxo Bank
and DMA, providing continuity of business.

The Acquisition is below a Category 2 transaction as envisaged in the JSE Limited Listings
Requirements. This announcement is, therefore, voluntary and is made in order to keep Sasfin
shareholders apprised of the ongoing activities of the group.

Johannesburg
29 May 2018

Sponsor
Sasfin Capital (a member of the Sasfin group)

Independent Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited

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