Advertisement
Advertisement

Imara Group Chief Executive: Tom Gaffney

CIRCULAR TO SHAREHOLDERS AND NOTICE OF
EXTRAORDINARY GENERAL MEETING

regarding

THE PROPOSED DISPOSAL OF IMARA S.P. REID PROPRIETARY LIMITED


SALIENT FEATURES AND IMPORTANT INFORMATION
This summary presents the salient information in relation to the Disposal, the detailed terms and conditions of which are more fully set out in this Circular. The Circular should accordingly be read in its entirety for a full appreciation of the rationale for, and the implications of the Disposal, as well as with regard to determining the action required by IHL Shareholders with respect to the EGM.

Salient features of and rationale for the Disposal


The Board is proposing the Disposal of ISPR, the South African stockbroking company of IHL. Although historically, ISPR has been an important contributor to the Group, an increase in online share trading, escalating regulatory and compliance costs, together with generally changing market dynamics, has led to growing pressure and competition for independent stockbroking companies in South Africa.


The Board took the decision to review various options relating to the Company and its future earnings contribution to the Group, which included the Disposal.

ISPR’s reputation in the South African market has resulted in a favourable Consideration being secured from the Purchaser, which is in excess of a 40% premium to the NAV of the Company as at 31 October 2014. As a result, the Board believes it is in the best interests of both IHL and ISPR to pursue the Disposal.

IHL EGM and action to be taken by IHL Shareholders


The EGM to be held 24 March 2015 will allow Shareholders to vote on the Disposal. An EGM Notice is set out in this Circular and details the action to be taken by Shareholders regarding voting at the EGM. If you are in any doubt as to what action to take, please consult your Broker, CSD, banker, attorney, accountant or other professional advisor immediately. If you have disposed of all of your IHL Shares, this Circular should be handed to the purchaser to whom, or the CSD, broker or other agent through whom, the sale was affected...



Circular to Shareholders

 
Top