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ACQUISITION OF FURTHER CHANNEL LIFE SHARES BY SANLAM Sanlam

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ACQUISITION OF FURTHER CHANNEL LIFE SHARES BY SANLAM Sanlam Powered By Docstoc
					ACQUISITION OF FURTHER CHANNEL LIFE SHARES BY SANLAM

Sanlam recognises the fact that some shareholders would want to reconsider their shareholding in Channel Life given the changed circumstances described in the communication from the Channel Life Board. For the reasons listed in the shareholder communication from Channel Life, Sanlam no longer regards a public listing of Channel Life as desirable. Sanlam further recognises that the decision not to list, together with the need for regular capital injections without the likelihood of any dividends in the foreseeable future, may not be attractive to all shareholders. In view of the above, and in order to accommodate the intention of other shareholders to realise the value of their shareholding, Sanlam has indicated its willingness to, before the envisaged next rights issue, purchase further Channel Life shares at 185 cps. This amounts to a 30% premium on the unaudited 30 June 2007 embedded value of 142 cps calculated by Channel Life. Sanlam is prepared to buy Channel Life shares up to a maximum number of shares, which, when aggregated with Channel Life shares already held by it, will not exceed 90% of Channel Life’s issued shares. Should anyone wish to pursue this alternative, you are welcome to liaise with the Channel Life company secretary, Jacqui Rickson (Tel nr. (011) 446 9885, e-mail address jacqueliner@channel.co.za) or Karen Schoeman (Tel nr, (011) 446 9958, e-mail address karens@channel.co.za) to facilitate such transactions.

ON BEHALF OF SANLAM


				
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Description: ACQUISITION OF FURTHER CHANNEL LIFE SHARES BY SANLAM Sanlam