The RMI CEO and Outsurance CFO will step down following the sale of Hastings Group to Sampo.
RMI Holdings CEO and CFO Herman Bosman (pictured) and Outsurance group CFO Jan Hofmeyr, the appointed directors for Main Street 1354 on the Hastings Group board, have tendered their resignations from the board and board committees.
Their resignations come into effect once the sale of Main Street’s (an entity jointly owned by RMI and Outsurance) 30 percent of issued shares in Hastings Group to Sampo has been completed.
The sale will see Sampo’s current shareholding of 70 percent in Hastings increase to 100 percent.
Under the terms of the sale, Main Street will receive R14.6 billion for the 199,939,120 shares. RMI, which owns 51 percent of Main Street, will receive R5.9 billion from the sale, while Outsurance, which owns 49 percent of Main Street, will receive R5.7 billion.
The RMI proceeds will be used to pay down all RMI debt, which includes Main Street funding, such that RMI will be debt-free after implementation of the sale and unbundling of Hastings.