13 Sep - 2 min read
Proposed Sale Of Sanlam UK’s 100% Shareholding In Sanlam Life & Pensions UK Limited To Chesnara Plc
Proposed Sale Of Sanlam UK’s 100% Shareholding In Sanlam Life & Pensions UK Limited To Chesnara Plc Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 (“Sanlam”) PROPOSED SALE OF SANLAM UK’S 100% SHAREHOLDING IN SANLAM LIFE & PENSIONS UK LIMITED TO CHESNARA PLC The board of directors of Sanlam is pleased to announce the conclusion of agreements between its wholly owned subsidiary, Sanlam UK Limited (“Sanlam UK”) and Chesnara Plc, for the disposal by Sanlam UK of its 100% shareholding in Sanlam Life & Pensions UK Limited (“SLP”) (the “Transaction”) in line with Sanlam’s strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets. The Transaction consideration is GBP39 million and is not a categorised transaction in terms of the Listings Requirements of the JSE Limited. Conditions precedent to the Transaction include regulatory approvals in South Africa and the UK. Furthermore, the asset management of SLP’s assets will be retained with Sanlam Investments UK Limited. Following the fulfilment of the conditions precedent, the effective date of the Transaction is expected to occur during the first quarter of 2022. Bellville 13 September 2021 Enquiries Sanlam Investor Relations Phone: +27 21 947 8455 E-mail: firstname.lastname@example.org Sponsor to Sanlam The Standard Bank of South Africa Limited Date: 13-09-2021 08:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.