Financial services company Merchant Securities Group PLC (MERC.LN) said Monday it, and Sanlam Private Investment Holdings U.K. Ltd, or Bidco, have reached agreement on the terms of a recommended cash offer for Merchant Securities valuing the firm at GBP12.247 million.

MAIN FACTS:

-Offer is being made at 22 pence cash for each Merchant Securities share held.

-Offer represents a premium of 91.3% to the closing price of 11.5 pence on Aug. 30 and a premium of 34.02% to the average closing price of 16.4 pence per share for the six month period before the start of the offer period.

-Bidco is a direct subsidiary of Sanlam U.K. Ltd. and an indirect wholly-owned subsidiary of Sanlam Ltd. (SLM.JO).

-Immediately following completion, Daniel Kriel, Francois Bruwer, Lukas van der Walt, Hugh Titcomb and Simon Clements will be appointed to the Board of Merchant Securities and John East, John Green and Charles Price will resign.

-Cash consideration payable by Bidco under the offer will be funded by way of an equity subscription to be made to Bidco by Sanlam U.K.

-Merchant Securities shares closed Friday at 17 pence valuing the company at GBP8.77 million.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

Sanlam Ltd Sponsored (PK) (USOTC:SLLDY)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Sanlam Ltd Sponsored (PK) Charts.
Sanlam Ltd Sponsored (PK) (USOTC:SLLDY)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Sanlam Ltd Sponsored (PK) Charts.