Mutual & Federal BEE deal has been approved - Mutual & Federal

July 24, 2005

On Friday, 22 July 2005 at an extraordinary board meeting, Mutual & Federal, received shareholder approval of the recently announced BEE deal. This transaction, which will result in the transfer of 11% of the group's equity to black business partners, valued at R663 million, will become effective on 1 August 2005...

The transaction includes two black empowerment companies. The Wiphold consortium acquired 3,5% and Mtha-we-Mpumelelo acquired 0,5% of the group’s equity. A key component of this deal is the commitment of these black business partners to deliver measurable value to the group through offering assistance in the areas of business development, human resources development, transformation and public relations. The extent to which the black business partners (BBP’s) achieve performance targets will determine the financing rate of the transaction.

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