Notes to the consolidated financial statements |
| for the year ended 30 June 2008 |
| |
 |
|
|
2008 |
|
2007 |
| |
|
|
R’000 |
|
R’000 |
17. |
SHARE WAREHOUSING FACILITY |
|
|
|
|
| |
Standard Bank has entered into an agreement with Old Mutual to purchase 2 931 653 Assore |
|
|
|
|
| |
shares (“the warehoused shares”) from Old Mutual at R760 per Assore share for an |
|
|
|
|
| |
aggregate consideration of approximately R2 228,1 million. Standard Bank has further |
|
|
|
|
| |
entered into an agreement with Assore in terms of which Standard Bank will |
|
|
|
|
| |
warehouse the warehousedshares on Assore’s behalf until such time as Assore is
able to obtain the requisite shareholder approval to repurchase the warehoused shares
from Standard Bank at R760 per Assore share for an aggregate consideration of
R2 228,1 million, being equal to the amount paid by Standard Bank to |
|
|
|
|
| |
Old Mutual for the warehoused shares. |
|
2 228 056 |
|
– |
|
| |
