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Profile of investments

 

The profile of investments at the conclusion of the RMBH group restructuring

         
      Cost of investment     
      and NAV attributable   Market  
Investment   Listed/Unlisted   Shareholding %   to the investment   value of investment  
      (R million)  (R million) 
Discovery   JSE-listed   25.0   3 243   5 975(1) 
MMI Holdings   JSE-listed   24.4   4 470   6 714(1) 
Total       7 713   12 689  
OUTsurance(2) (3)  Unlisted   90.0   5 076   8 302(4) 
RMB-SI   Unlisted   76.4   195   195  
Other investments (5)  Unlisted     16   16  
Total       5 287   8 513  
Cash balances       –   –  
Total       13 000   21 202  
   
Notes:
(1) Based on the closing share price as at 14 December 2010 (as per the RMBH SENS announcement on 15 December 2010).
(2) OUTsurance includes 90% OUTsurance ordinary shares and 100% OUTsurance preference shares.
(3) RMI Holdings will fund the OUTsurance acquisition through a combination of cash and the raising of debt as described in the RMBH circular.
(4) Based on the valuation of OUTsurance used to determine the OUTsurance acquisition consideration amount and the 50% OUTsurance preference shares held by FirstRand at face value of R401 million.
(5) Investment in various unlisted preference shares.