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Sanlam bags £10m from Intrinsic stake sale

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Sanlam UK received payment of £10m following the sale of its stake in advice network Intrinsic to Old Mutual Wealth, the firm’s annual report and accounts reveal.

Sanlam was one of a number of major shareholders in Intrinsic prior to its acquisition by Old Mutual in February last year.

Following the sale, two loans worth a total of £9m made by Sanlam to Intrinsic in 2012 were repaid in full, the accounts show.

In addition, a “settlement amount” of £10m was received by Sanlam for the profit in the company.

Sanlam’s pre-tax profits for the year totalled £9.4m, down from £28.4m in 2013.

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