b) |
Nature of the transaction |
A restructuring of existing entities that indirectly hold ordinary shares in the Issuer has resulted in Mr Saville now having an interest in the following shares:
Holder |
Shares |
% |
General Provincial Life Pension Fund Limited |
56,001,533 |
62.58 |
Permanent Mutual Limited |
6,629,977 |
7.41 |
Azure Limited |
217,061 |
0.24 |
The Saville Foundation* |
93,750 |
0.10 |
* As Trustee Under existing agreements, the following shares are pledged and/or loaned: General Provincial Life Pension Fund Limited has lent 10,000,000 ordinary shares of the Issuer to Custodial Capital Management Limited, a company which is also owned by Mr Saville. These shares have been pledged under a security interest agreement related to a loan facility agreement with The Royal Bank of Scotland International. General Provincial Life Pension Fund Limited has lent 3,025,003 ordinary shares of the Issuer to Alliance life Common Fund Limited, a company which is also owned by Mr Saville. These shares have been pledged under a loan facility agreement with Bermuda Commercial Bank Limited. General Provincial Life Pension Fund Limited has lent 300,000 ordinary shares of the Issuer to a third party. These shares have been pledged under a loan facility agreement with Bermuda Commercial Bank Limited. Permanent Mutual Limited has pledged 5,784,977 ordinary shares of the Issuer under a security interest agreement related to a loan facility agreement with The Royal Bank of Scotland International. |
