RMI acquired Hastings for £499.5m

Hastings Group Holdings plc announces that it has been notified by Hastings Investco Limited, the Company's principal shareholder, that along with certain individual shareholders, it has reached a conditional agreement with Rand Merchant Investment Holdings Limited and its wholly owned subsidiary Main Street 1353 Proprietary Limited to sell a proportion of its holding to RMI. The sale will result in RMI acquiring from the Selling Shareholders up to 29.9% of the Company's issued ordinary share capital, at a price per share (depending on the closing dates) between 2.48 and 2.55, for an aggregate cash consideration (depending on the closing dates) of between approximately £487.3m and approximately £499.5m. The Transaction may be completed in up to three stages, each of which is linked to the receipt of regulatory approvals from the Financial Surveillance Department of the South African Reserve Bank, the UK Financial Conduct Authority and/or the Gibraltar Financial Services Commission, respectively. The Transaction is expected to be completed on or before 2 May 2017.