GENBEL BACKS SANLAM SCHEME

GENBEL Securities say its shareholders had approved a proposal by life assurer Sanlam Ltd to buy out Gensec’s minorities at R37 per share. Genbel said the proposal had been approved at a shareholder meeting in Johannesburg, and the scheme was now subject to sanction by the High Court of South Africa. Sanlam currently holds 63% of Gensec’s share capital and has said a unified structure would make more efficient use of the Sanlam group capital and would allow Gensec shareholders to realise their investment for cash at a price representing a 38% premium to the market. – Reuters