Sanlam Private Investment Holdings U.K. Ltd., a direct wholly-owned subsidiary of Sanlam U.K. Ltd. and an indirect wholly-owned subsidiary of Sanlam Ltd. (SLM.JO) said Thursday that at 1300 GMT on Nov. 23 it had received valid acceptances in respect of 28.76 million Merchant Securities Group PLC (MERC.LN) shares, or 93.67%, and that the offer has now become unconditional as to acceptances.

MAIN FACTS:

-Offer will remain open until further notice.

-Merchant Securities shares at 0840 GMT unchanged at 21.5 pence valuing the company at GBP11.17 million.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

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