BRIEF-Finbond Group to buy African Unity Holdings

Wed May 14, 2014 11:31am EDT

May 14 (Reuters) -

* Finbond group ltd - acquisition of african unity holdings

* Finbond group ltd - has entered into a binding agreement with psg private equity proprietary limited ("psgpe"); rumiclox proprietary limited ("thembeka"),(jointly "psg consortium") hn lombard familie trust ("lombard trust") and with african unity development trust ("audt")

* Finbond group ltd - deal to acquire 660 ordinary shares that amounts to 66% of outstanding ordinary share capital of aic holding company proprietary limited

* Finbond group - african unity holdings will issue finbond 660 new ordinary shares, amounting to 66% of issued share capital of african unity holdings, for a subscription price of r141 900 000 payable in cash upon meeting all conditions precedent to transaction being fulfilled

* Finbond group ltd - finbond will purchase a further 40 ordinary shares, that amounts to 4% of outstanding ordinary share capital of african unity holdings, from lombard trust and audt for an amount of r 11 080 000

* Finbond group ltd - effective date of both transactions is 1 june 2014 Source text for Eikon:

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