Deal Detail


OLD MUTUAL (SOUTH AFRICA) LIMITED ("OMSA") AND OLD MUTUAL HEALTHCARE (PTY) LTD ("OMHC")

We acted for OMSA and OMHc in concluding the following Agreements for the Project Optimise project, all of which were signed in counterparts in Sandton and Cape Town on the 18th and 19th December respectively:

  1. Sale by OMSA of the entire issued share capital and all of it's financial interests in OMHc to Lethimvula Investments Ltd ("LIL");
  2. Sale by Medscheme Financial Services (Pty) Ltd (a subsidiary of LIL) of the entire issued share capital and all of it's financial interests in Medscheme Life Assurance Ltd to OMSA;
  3. Four other miscellaneous agreements which were to come into effect on the completion of the transaction recorded in the Agreement referred to in 1) above.

    LIL was the subject of a take-over Bid by Afrocentric Investment Corporation Limited ("Afrocentric"), another listed entity, and it was agreed that Afrocentric should be a signatory to all the agreements, as it was to become a party thereto ipso facto on implementation of the deal as announced in the Sens announcement , which deal has since been implemented .

    THE AGREEMENTS REFERRED TO IN 1) AND 2) WERE SUBJECT TO CP'S WHICH HAVE NOW BEEN FULFILLED.

Lawyers Involved:

Assisted By:

Priyesh Modi; Stephen Sebueng; Deborah Dees; Warren Weertman; Nyasha Samuriwo; Aimee Forman; Guy Potter; Sizwe Msimang; Vanashree David; Pasno Nyachowe; Marumo Tshesane; Lorato Rammule; Linda Nyoka & Naledi Mogathle

 
 
   

 

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