Santam shareholders to vote on Sanlam buyout on 2 December
An electronic meeting on 2 December will consider the R505-a-share scheme. Shareholder support undertakings are not approval.
Santam has distributed the circular for Sanlam's proposed buyout and called an electronic shareholder meeting for 14:00 SAST on 2 December.
The joint SENS announcement, released on Tuesday, 3 November, keeps the cash consideration at R505 per eligible scheme share, approximately R21.2 billion in total.
Sanlam already holds 61.9% of Santam's issued shares excluding treasury shares.
Eligibility to vote is based on the 20 November register; 17 November is the last trading day to qualify for that meeting.
Conditions still apply
The companies reported undertakings and indications of support covering approximately 48.3% of scheme shares. These are commitments or expressions of support, not the meeting's voting result.
The scheme still requires eligible shareholder approval and satisfaction or waiver of applicable conditions. If implemented, it would make Santam wholly owned by Sanlam and end its listings.