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Follow up announcement regarding Santam’s acquisition of Indwe and small related party transaction
Santam Limited
Incorporated in the Republic of South Africa
Registration number 1918/001680/06
ISIN: ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
("Santam")
FOLLOW UP ANNOUNCEMENT REGARDING SANTAM’S ACQUISITION OF INDWE AND SMALL
RELATED PARTY TRANSACTION
Shareholders of Santam (“Shareholders”) are referred to the announcement released on the
Stock Exchange News Service on 8 November 2021 whereby Santam, ARC Financial Services
Investments Proprietary Limited and Sanlam Life Insurance Limited have reached agreement
in terms of which Santam will acquire 76% in the independent brokerage firm Indwe Broker
Holdings Proprietary Limited (“the Transaction”).
The Transaction constituted a small related party transaction in terms of section 10.7 of the
JSE Listings Requirements and required Santam to provide the JSE with written confirmation
from an independent professional expert (“Fairness Opinion”) confirming whether the terms
and conditions of the Transaction were fair insofar as Shareholders are concerned.
BDO Corporate Finance (Pty) Ltd has considered the terms and conditions of the Transaction
and, based on and subject to the conditions set out in the Fairness Opinion, is of the opinion
that the Transaction is fair to Shareholders.
The Fairness Opinion has been reviewed by the JSE and Shareholders are advised that the
Fairness Opinion is available for inspection at Santam’s registered office for a period of 28
days from the date of this announcement.
The Transaction is still subject to regulatory approval.
Bellville, Cape Town
24 November 2021
Sponsor: Investec Bank Limited
Date: 24-11-2021 03:22:00
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