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Share Name | Share Symbol | Market | Type |
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Liberty One Lithium Corp | NEO:LBY | NEO | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:0643K Liberty Group Ld 15 April 2003 Liberty Group Limited Liberty Holdings Limited (Incorporated in the Republic of South Africa) (Incorporated in the Republic (Registration number 1957/002788/06) of South Africa) ("Liberty") (Registration number Share code: LGL 1968/002095/06) ISIN Code: ZAE000024543 ("Libhold") Share code : LBH ISIN Code: ZAE000004032 Liberty and Investec Employee Benefits Limited ("IEB") have agreed, subject to the fulfilment of certain suspensive conditions, that Liberty will acquire the policyholder liabilities of IEB's Fully Administered Group and Permanent Health Insurance Business as follows: - with effect from 31 March 2003, Liberty will reinsure the policy holder liabilities relating to IEB's Fully Administered Group and Permanent Health Insurance Business; and - Liberty will assume the administration of the above policies with effect from a target date of 1 August 2003; and - IEB and Liberty will apply for a Court Order in terms of section 37 of the Long Term insurance Act, to formally transfer these policy holder liabilities to Liberty. i capital advisers are authorised to announce that Liberty has entered into a separate Reinsurance Agreement, Administration Agreement and Transfer Agreement with IEB, to effect the assumption of risk, administration and transfer of IEB's Fully Administered Group and Permanent Health Insurance Business to Liberty. 1. Rationale/Background Over the past number of years, Liberty has expanded its involvement in the retirement funding sector, through Liberty Corporate Benefits. The business unit has enabled Liberty to expand its penetration of established and emergent companies by growing its retirement fund membership base. Its target market comprises mostly smaller and medium-sized companies, but also extends to include larger companies. After a period of focusing on operational efficiencies and infrastructural development, Liberty Corporate Benefits is well placed to accelerate its increase in market share and enhance value for all its stakeholders. Accordingly Liberty has entered into the above agreements with IEB. 2. The transaction a. The Reinsurance Agreement With effect from 31 March 2003, subject to the conditions below, Liberty and IEB have entered into a Reinsurance Agreement, whereby Liberty will reinsure the risk portion of IEB's Fully Administered Group and Permanent Health Insurance policy holder liabilities. b. The Administration Agreement A separate agreement has been concluded between Liberty and IEB to transfer the full administration of the above policies to Liberty. The target date for this transfer is 1 August 2003. As part of this agreement, all of IEB's staff currently responsible for the administration of these policies will be transferred to Liberty. This agreement is subject to certain regulatory approvals as may be required. c. The Transfer Agreement As a separate agreement, Liberty and IEB have entered into an agreement to seek a formal transfer, in terms of the Long Term Insurance Act, of all the above policy holder liabilities to Liberty. Accordingly both parties will in due course, make an application to the High Court of South Africa to grant a court order to give effect to this transfer. d. Policyholder Liabilities subject to the above agreements Based on 31 March 2003 data, the estimated total liabilities that are subject to the above agreements is R3.7 billion. 3. Expected Financial implications The transaction will have no material financial impact on Liberty or Libhold, but are however expected to result in the following benefits to Liberty over the next 2 to 3 years: - enhance the Embedded Value ("EV") of Liberty Corporate Benefits' current in-force policies through improved economies of scale; and - enhance Liberty Group's EV due to the recognition of future profits from an increased level of in-force business. 4. Suspensive Conditions The above agreements are subject to the following suspensive conditions: - approval, if any, required in terms of the Competition Act No 89 of 1998; and - the obtaining of any other necessary regulatory approvals, if required. Johannesburg 15 April 2003 Financial adviser : i capital advisers Legal adviser : Werksmans Inc Sponsor to Liberty : Merrill Lynch Sponsor to Libhold : Merrill Lynch This information is provided by RNS The company news service from the London Stock Exchange END ACQZGGMDFKGGFZM
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