SANLAM LIMITED - Repurchase, Cancellation And Delisting Of Treasury Shares

Repurchase, Cancellation And Delisting Of Treasury Shares

Sanlam Limited
(Incorporated in the Republic of South Africa)
Registration number 1959/001562/06
JSE share code: SLM
NSX share code: SLA
A2X share code: SLM
ISIN: ZAE000070660
(“Sanlam” or “the Company” or “the Sanlam Group”)

REPURCHASE, CANCELLATION AND DELISTING OF TREASURY SHARES

Shareholders are advised that Sanlam has repurchased 116,363,639 ordinary shares of 1 cent
each held in treasury by its wholly-owned subsidiary, Sanlam Life Insurance Limited (“Sanlam
Life”) (“Treasury Shares”) at a repurchase price of R56,29 per share (in aggregate
R6,550,109,239) (the “Repurchase”).

The Repurchase was executed in accordance with the requirements of Section 48 of the
Companies Act No. 71 of 2008.

The Treasury Shares were acquired by Sanlam Life in terms of general authorities to repurchase
shares approved by Sanlam shareholders during the annual general meetings held on 7 June
2006, 6 June 2007, 4 June 2008, 3 June 2009, 9 June 2010 and 8 June 2011 respectively
(“General Authorities”). Following the Repurchase, the Company applied to the JSE Limited
(“JSE”) for the cancellation and delisting of the Treasury Shares and accordingly, the Treasury
Shares will be cancelled and delisted on the JSE from commencement of business on 18 May
2020.

The Repurchase constitutes a transfer to, and subsequent cancellation of the Treasury Shares
previously acquired by Sanlam Life pursuant to the General Authorities and is cash neutral for the
Sanlam Group.

The Treasury Shares represented 4,97% of the issued share capital of the Company immediately
prior to their cancellation. Following the cancellation, the issued share capital of the Company now
comprises 2,226,974,408 ordinary shares of 1 cent each.

The Sanlam Group notes the recommendations outlined in the Joint Communication 1 of 2020
issued by the Prudential Authority and the Financial Sector Conduct Authority on 16 April 2020
(“Joint Communication”), in particular, the expectations that consideration be given to the
temporarily suspension of discretionary dividend distributions, including share buybacks and cash
bonuses to executives. The Repurchase will not result in any cash flow to any holders of Sanlam
shares outside of the Sanlam Group and has no impact on the Sanlam Group’s solvency position.

The Sanlam Group remains solvent and liquid and well capitalised. The board will take the Joint
Communication into account in its future deliberations.

The information contained in this announcement has not been reviewed or reported on by the
Sanlam Group’s auditors.


Cape Town 
15 May 2020


JSE Sponsor: The Standard Bank of South Africa Limited

Date: 15-05-2020 03:00:00
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