| Thu 20 Dec 2007, 9:42 | | SIC - Safic Holdings Limited - Thebe Investments Corporation Acquires 17.77% |
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SIC
SIC
SIC - Safic Holdings Limited - Thebe Investments Corporation Acquires 17.77%
Holding In Safic
SAFIC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2004/029691/06)
(Share Code: SIC ISIN Code: ZAE000088068)
("Safic" or "the Company")
THEBE INVESTMENT CORPORATION ACQUIRES 17.77% HOLDING IN SAFIC
1 Introduction
Shareholders are advised that the major shareholders of Safic, certain founder
members, ME Dipico and DE Platt, directors of Safic, have sold 17 353 443
ordinary shares in Safic to Thebe Investment Corporation (Pty) Limited
("Thebe"), subject to certain conditions precedent. This will result in Thebe
owning 17.77% of Safic.
2 Background on Thebe and rationale for sale of shares
With the envisioned growth of Safic, the need for a strategic partnership with
an empowerment entity that has the ability to grow with Safic while maintaining
the empowered status of the organisation has been identified. After discussion
and investigation, Thebe has been selected as the ideal strategic partner to
Safic.
Established in 1992 by Batho Batho Trust, Thebe has pioneered Broad-Based Black
Empowerment in South Africa. The Batho Batho Trust is a community based
organisation established to promote the social and economic development of black
people and women.
Thebe has become a diversified investment management company with a mixed
portfolio of mature and green-field investments across a range of industries.
Thebe engages actively in the management of the companies that it controls. The
group strives to be a trusted world class African company that develops and
invests in businesses for the long term benefit of the community and all other
stakeholders, fulfilling social objectives using economic means.
Thebe`s equity is held 51.3% by the Batho Batho Trust, 21.85% by an employee
equity participation scheme company, Umhlomulo Equity Participation, and the
balance of 26.85% being held collectively by Absa Capital and Sanlam.
Thebe has been in discussion with the management of Safic for some time with the
view to acquiring a shareholding in the listed vehicle. In these discussions,
Thebe has expressed an interest in becoming a strategic partner to Safic. These
discussions have culminated in the acquisition by Thebe of 17.77% in Safic.
This transaction allows Safic to increase its black empowerment equity
shareholding and ensures that future transactions will be executed without
impacting on the empowerment status of the organisation. Thebe has also
expressed an interest in acquiring additional equity in the company.
Mr ME Dipico, who has been instrumental in facilitating this empowerment
transaction, will remain non-executive Chairman. Thebe has been invited to
nominate a director to Safic`s board of directors.
3 Details of the sale of shares by directors
In compliance with rule 3.63 to 3.65 of the JSE Listing Requirements, the
following disclosures are made:
Name of director: ME Dipico
Date of transaction: 20 December 2007
Nature of transaction: Sale
Price: 150 cents per share
Number of shares: 13 353 443
Total amount: R20 030 164-50
Class of security: Ordinary shares
Nature of interest: Indirect beneficial
Clearance obtained: Yes
Name of director: DE Platt
Date of transaction: 20 December 2007
Nature of transaction: Sale
Price: 175 cents per share
Number of shares: 199 066
Total amount: R 348 365 -50
Class of security: Ordinary shares
Nature of interest: Direct beneficial
Clearance obtained: Yes
The sale of shares by Mr ME Dipico is subject to a successful due diligence on
Marble Gold (Pty) Limited, the company that holds the Safic shares which are
being acquired by Thebe. The sale by Dr DE Platt is unconditional.
4 Further announcements
Shareholders will be advised once the sale of Mr ME Dipico`s shares are
unconditional as well as the details of the person nominated by Thebe to the
Safic board of directors.
Johannesburg
20 December 2007
Designated Adviser
Exchange Sponsors (Pty) Limited
Date: 20/12/2007 09:42:01 Produced by the JSE SENS Department.
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