Clientele updates Emerald Life acquisition funding structure

Clientele Limited (JSE: CLI) has announced a revision to the funding structure for its acquisition of Emerald Life Proprietary Limited, as detailed in previous SENS announcements in April 2025 and November 2024. Instead of issuing preference shares to Investec Bank Limited, the acquisition will now be financed through a combination of free cash and Clientèle Life Assurance Company Limited issuing preference shares to AEL Investment Holdings Proprietary Limited, a subsidiary of Investec, for ZAR570,000,000. Clientèle Life will then loan this amount to Clientele Limited. Shareholders will vote on related resolutions, including amendments to the company’s memorandum of incorporation to remove the initial preference shares, approve financial assistance, and confirm the new funding structure at a General Meeting on May 29, 2025. A circular providing comprehensive details will be distributed to shareholders on April 29, 2025.