RNS Number : 4297X
Hastings Group Holdings plc
21 February 2017
 

FOR IMMEDIATE RELEASE

21 February 2017

Hastings Group Holdings plc (the "Company")

Update re: Statement re: Acquisition of up to 29.9% holding in the Company by RMI

 

The Company refers to the announcement made on 14 December 2016 in relation to the intended acquisition of a holding of up to 29.9% in the Company (the "Transaction") by Rand Merchant Investment Holdings Limited and its wholly owned subsidiary Main Street 1353 Proprietary Limited ("RMI").

 

The Transaction was conditional upon the receipt of regulatory approvals from the Financial Surveillance Department of the South African Reserve Bank, the UK Financial Conduct Authority and/or the Gibraltar Financial Services Commission (the "Regulators"), respectively.

 

The Company has been informed that regulatory approvals have been received from all three Regulators and the Transaction is expected to complete on 1 March 2017.

 

As previously announced, and pursuant to a relationship agreement entered into between the Company and RMI, following completion of the transaction RMI will become entitled to nominate a director for appointment to the Board of the Company; the first such nomination for director will be Herman Bosman, the Chief Executive Officer of RMI. Furthermore, the GS Shareholders and the Founder Shareholders will each procure that one director appointed by them resigns from the Board. Further announcements on these proposed changes to the Company's Board will be made in due course.

 

Hastings Group
+44 (0) 142 473 8366

Richard Hoskins, Chief Financial Officer
Louise Underwood, Director of Investor Relations

 

Founder Shareholders and GS Shareholders

For the purposes of this announcement, the "Founder Shareholders" are Neil Utley (and certain members of his immediate family), Edward Fitzmaurice, Keith Charlton, Richard Brewster and Narmali Utley and the "GS Shareholders" are Hastings A, L.P., Hastings B, L.P and Goldman Sachs & Co.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEANAFASNXEEF