As one of the biggest shareholder of Merchant Securities with a 10% stake Sanlam, through its subsidiary Bidco, agreed to pay GBP12.25 million to take its shareholding to 75% through a 22p per share cash offer.

The news of the impending sales sent Merchant Securities’ shares up by almost 27% and this reflects the positive response to the merger by investors.

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"We are pleased to have agreed this offer with Sanlam. The offer price represents a significant premium to both the current and recent market prices and enables shareholders to realise their investment for cash," said John East, founder and chairman of Merchant Securities.

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