VUN - Vunani Limited - Vunani Acquires Kagiso Securities Limited
VUN
VUN
VUN - Vunani Limited - Vunani Acquires Kagiso Securities Limited
VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000110359
("Vunani or the company")
VUNANI ACQUIRES KAGISO SECURITIES LIMITED
Shareholders are referred to the SENS release of 26 October 2010, informing the
market that Vunani through its wholly owned subsidiary Vunani Capital
(Proprietary) Limited ("Vunani Capital") has entered into discussions with
Kagiso Trust Investments (Proprietary) Limited ("Kagiso Investment Trust")
regarding the acquisition of Kagiso Securities Limited ("Kagiso Securities").
Vunani wishes to inform shareholders that it has reached an agreement with
Kagiso Trust Investments whereby Vunani will acquire Kagiso Securities, subject
to regulatory approvals.
The proposed acquisition is in line with Vunani`s stated strategy of building
a strong financial services platform in South Africa and the region.
Ethan Dube, CEO of Vunani commented:
"I am very excited about this transaction. Combining the two businesses will
strengthen our coverage and double the size of our equity team in a cost
effective way. This will also allow us to take the competition head-on."
"Vunani Capital is now positioned as a leading black owned operating financial
services business providing asset management and investment banking services
including research, an equities desk and a bonds desk."
This acquisition of Kagiso Securities is unrelated to the negotiations referred
to in the cautionary announcement published by the company on 29 September 2010.
Furthermore, the acquisition will not be large enough to be categorised as
either a Category 1 or 2 transaction in terms of the JSE Limited`s Listings
Requirements.
Sandton
9 November 2010
Independent Designated Adviser: Grindrod Bank Limited
Joint Designated Adviser: Vunani Corporate Finance
Date: 09/11/2010 15:50:04 Produced by the JSE SENS Department.
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