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SVB
SVB
SVB - SilverBridge - Announcement relating to a 20% BEE transaction
SilverBridge Holdings Limited
(formerly Synergy Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number 1995/006315/06
Share code: SVB & ISIN: ZAE000086229
("SilverBridge" or "the Company")
Announcement relating to a 20% Black Economic Empowerment ("BEE") transaction
1. Introduction
Following its stated intention, as advised in its revised listing particulars
dated 13 October 2006, SilverBridge is pleased to announce the conclusion of a
significant BEE transaction. Agreement has been reached for a special purpose
vehicle ("SPV") owned and controlled by Kagiso Trust Investments (Pty) Limited
("KTI") to purchase a 20% interest in SilverBridge, from certain of its
shareholders ("the Transaction").
2. Background
KTI was formed in December 1993 by the Kagiso Trust as a vehicle to generate
sustainable, long-term financial support to the Kagiso Trust for the purpose of
community development. Kagiso Trust has provided in excess of R1 billion in
development grants since its inception and has managed more than 5 000 poverty
eradication development programmes in South Africa. KTI was also tasked with
achieving true economic empowerment through active, operational involvement in
underlying strategic investments.
KTI is an investment holding company with subsidiaries and associate companies
predominantly operating in the financial services, industrial and ICT media
sectors. KTI`s approach to partnership investments is premised on the belief and
commitment to provide strategic and operational value in growing investments.
KTI is the strategic BEE partner of Metropolitan Holdings Limited
("Metropolitan") and is investing jointly with Metropolitan in SilverBridge.
3. Rationale
As stated in its revised listing particulars, SilverBridge subscribes to the
principles of BEE and recognises the importance of BEE as a key driver of
sustainable economic growth and positive transformation in South Africa.
SilverBridge aims to achieve compliance with both the BEE Codes of Good Practice
and the ICT Charter scorecard, emphasising compliance across the entire
scorecard, including meaningful black ownership of the Company. SilverBridge
will drive and co-ordinate the achievement of BEE targets across the scorecard
through all the SilverBridge group companies, and facilitate meaningful
enterprise development and corporate social investment at the corporate centre
on behalf of the entire group.
As part of SilverBridge`s BEE strategy, the Company has concluded a transaction
with partners that will not only assist it in enhancing its growth prospects but
who will also make a positive contribution to SilverBridge in terms of its
transformation initiatives, relationships and business development
opportunities.
4. Details of the Transaction
CSHELL 448 (Pty) Limited, the SPV owned 51% by KTI and 49% by Metropolitan, has
purchased 6 519 457 shares in SilverBridge (representing 20% of the issued share
capital of the Company) from The Jaco Swanepoel Trust, The Freda du Toit Family
Trust, The i capital Growth Fund I Trust, The Rowan Nigel Williams Family Trust,
and i capital (Pty) Limited for an aggregate purchase consideration of R14 342
805,40 (equating to a purchase consideration of 220 cents per share). All
conditions precedent have been fulfilled.
In an effort to promote and enhance the strategic relationship between
SilverBridge and The SPV, Metropolitan has undertaken to use its best endeavours
to source its Life Insurance administration software requirements from
SilverBridge.
The purchase of the shares by the SPV directly from shareholders results in no
dilution or cost to the Company.
Andile Sangqu, executive director of KTI and Justin van den Hoven, executive
director of Metropolitan International shall be appointed to the board of
SilverBridge. Andile Sangqu shall be appointed as non-executive Chairman of
SilverBridge and David Smollan will remain on the board as a non-executive
director.
Pretoria
7 May 2007
Corporate Advisers
i Capital Advisers
Designated Advisers
Sasfin Capital
Date: 07/05/2007 17:00:01 Produced by the JSE SENS Department.
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