Update regarding Liberty/Stanlib aquisition
At a meeting of Liberty Life shareholders held today (29 January 2007), the requisite majority of shareholders approved the ordinary resolution proposed to give effect to the acquisition by Liberty Life of the remaining 62.6% of the ordinary shares in STANLIB Limited from Standard Bank Group Limited and Quantum Leap Investments.
The shares and payment to be issued and paid by Liberty Life in consideration for this acquisition will only be issued and paid once all the conditions precedent set out in the circular to shareholders dated 2 January 2007 have been met.
Commenting on the transaction, Liberty Life Chief Executive, Bruce Hemphill, said "We are very encouraged by the outcome of the vote. The fact that 97% of shareholders present, or in proxy, voted in favour of the transaction indicates a strong market support for the acquisition of Stanlib by Liberty Life."
