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VUN
VUN
VUN - Vunani Limited - Acquisition by Vunani Capital (Pty) Limited ("VC") of 31%
of Peregrine IQ (Pty) Limited ("PQ") Raising Total Shareholding in PQ to 51%
VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000110359
("Vunani" or "the Group")
ACQUISITION BY VUNANI CAPITAL (PTY) LIMITED ("VC") OF 31% OF PEREGRINE iQ (PTY)
LIMITED ("PQ") RAISING TOTAL SHAREHOLDING IN PQ TO 51%
1. INTRODUCTION
Shareholders are advised that the Group has acquired 31% of PQ from
Peregrine Financial Services Holdings Limited ("Peregrine") ("the
transaction"). Following a recent purchase of a 9% stake in PQ from other
shareholders, this transaction extends VC`s holding to 51%, thereby
allowing Vunani to assume control of PQ, with Peregrine remaining a 49%
shareholder.
Ethan Dube, Group Chief Executive Officer said:
"Vunani`s acquisition of a controlling interest in PQ is in line with our
stated objective of becoming the pre-eminent black owned financial services
business in South Africa. Our mission is to offer our clients pertinent
solutions and this investment improves our ability to do so for our fund
management clients".
2. BACKGROUND DESCRIPTION OF PQ
PQ is a South African fund management company that provides institutional
and retail clients with a range of fund management products. The business
offers both systematic and active fund management with a strong
quantitative underpin enforced through rigorous systems development and
innovative product research. This investment philosophy has been developed
over many years.
PQ currently has R 11 billion funds under management covering single-asset
(index-linked, bespoke and beta) funds and multi-asset (absolute, target
return and balanced) funds.
3. RATIONALE FOR THE ACQUISITION
Vunani initially invested in an 11% stake in PQ in 2005 and this follow-up
investment presents the ideal opportunity to grow Vunani`s fund management
business. PQ will become one of the few black controlled fund managers and
this signals Vunani`s commitment to making fund management an important
segment in its financial services business.
Vunani Limited Managing Director, Butana Khoza said:
"In pursuing this acquisition Vunani wanted to capitalise on a business
that is highly scalable and has a solid track record with a stable and
experienced staff complement. I have been a non-executive director on the
board of directors for a few years now and I know that there is
intellectual robustness in the team. Furthermore the relationship between
management and shareholders is professional. This bodes well for the
future."
Vunani believes the acquisition augments its fund management offering which
currently includes hedge funds of funds, private equity funds of funds,
exchange traded funds and private wealth management. This transaction will
increase collective funds under management on Vunani`s fund management
platform from R 9 billion to R 20 billion.
The branding of the business will change to include the name Vunani and the
market will be informed of the change once all the necessary regulatory
processes have been completed.
4. EFFECTIVE DATE
The transaction will become effective on or about 18 June 2010.
5. CLASSIFICATION OF THE TRANSACTION
This announcement is being released for information purposes only as it
does not fall within the requirements of paragraph 21.10 of the JSE
Listings Requirements.
Sandton
17 June 2010
Independent Designated Adviser
Grindrod Bank Limited
Joint Designated Adviser
Vunani Corporate Finance
Date: 17/06/2010 15:07:01 Produced by the JSE SENS Department.
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