SANLAM LIMITED - Erratum: Correction to the Joint Firm Intention Announcement

What this filing means

Sanlam has corrected the shareholding figure in its Santam scheme offer, and the correction is mechanical rather than a change in deal economics. The FIA had stated Sanlam's effective shareholding at 62.7%, but that figure included shares held for third parties in which Sanlam has no beneficial interest. The corrected beneficial shareholding is 61.9%, which means a further 935 587 Santam Shares fall within the Scheme Shares, and the aggregate Scheme Consideration increases commensurately. The R505 per Scheme Share consideration and all other terms remain unchanged, and Sanlam Life has furnished an updated guarantee covering the larger pool.

Sanlam is tidying up a number in its offer to buy out Santam's minority shareholders. The original announcement counted some shares that Sanlam holds on behalf of other people, which made its ownership look slightly bigger than it really is. The corrected figure means a few more Santam shares qualify for the buyout offer, so Sanlam will pay a bit more in total — but the price per share stays exactly the same at R505. The guarantee backing the payment has been updated to cover the larger amount.