| To : Business Editor | For immediate release |
JIB GROUP MERGER WITH LLOYD THOMPSON DETAILS ANNOUNCED CURRENT TRADING STATEMENT FOR JARDINE MATHESON
14th January 1997 -- Jardine Matheson Holdings Limited said
today that documentation is being despatched shortly to the shareholders
of its 60% subsidiary, JIB Group plc, and to the shareholders
of Lloyd Thompson Group plc regarding the proposed merger of the
two companies announced on 16th December 1996. Jardine Matheson
will have a 34% interest in the merged company, to be called Jardine
Lloyd Thompson Group plc.
The documents advise shareholders that the principal objective
of the merger is to improve Jardine Lloyd Thompson's position
as one of the leaders in its chosen markets, a necessary development
given the continuing consolidation of the insurance broking industry
and the increasingly competitive environment.
It is expected that Lloyd Thompson's London insurance market capabilities
will enhance the development of products offered through JIB Group's
United Kingdom and international offices, particularly in the
Asia-Pacific. As well as benefiting from Lloyd Thompson's management
skills within the London market, the integration will create the
potential to reduce costs by combining many areas of operation
and administration.
The merger is being effected by way of an offer on behalf of Lloyd
Thompson for the share capital of JIB Group, which shareholders
are being advised will close on 6th February 1997. The merger
is subject to the approval of the shareholders of Lloyd Thompson
Group at an extraordinary general meeting to be held on 6th February
1997.
In view of Jardine Matheson's proposed substantial shareholding
in Jardine Lloyd Thompson, information regarding the Group is
set out in the documentation, including historical results together
with a current trading statement.
The text of the current trading statement is as follows:
"Since Jardine Matheson's interim announcement issued in
September 1996, most of its businesses have performed in line
with expectations. However, the overall earnings outlook for
the year ended 31st December 1996 has been affected by a poorer
performance from the Jardine Pacific Holdings Limited group, largely
due to the impact of a weak Thai stock market on its life assurance
business and its decision to dispose of certain restaurant operations
in Australia giving rise to a provision of some US$50 million.
The Jardine Fleming Group Limited group also had a difficult
second half with less favourable financial markets in Asia. The
Jardine Matheson Group's overall financial position will, nevertheless,
be strengthened by the significant increase in the value of its
property interests at the year end.
Except as mentioned above and as set out in the interim announcement,
there have been no material changes in the financial and trading
position of Jardine Matheson since the last published audited
accounts. Despite continuing difficult markets for some of the
Group's businesses, Jardine Matheson expects an overall steady
trading performance in 1997."
Jardine Matheson's preliminary announcement of results will be
issued on 20th March 1997.
The Jardine Matheson Group, which is managed from Hong Kong, has
interests in over 30 countries, employing over 220,000 people
in subsidiary undertakings and associates. The Group's businesses
are located principally in the Asia-Pacific Region, but it also
has operations in the United Kingdom, Continental Europe and the
United States. The Group's interests cover an extensive range
of activities including retailing and distribution, financial
services, insurance broking, property, hotels and engineering
and construction. The parent company, Jardine Matheson Holdings
Limited, is incorporated in Bermuda, listed in London, Singapore,
Australia and Bermuda, and has a sponsored American Depositary
Receipt programme.
For further information please contact:
| Jardine Matheson Limited Chris Cowan |
Tel: (852) 2843 8216 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: (852) 2543 5413 (office) |
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