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VUN
VUN
VUN - Vunani - Acquisition by Vunani Capital Proprietary Limited of 49% of
Vunani Fund Managers Proprietary Limited
VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000110359
("Vunani" or "the Company" or "the Group")
ACQUISITION BY VUNANI CAPITAL PROPRIETARY LIMITED OF 49% OF VUNANI FUND MANAGERS
PROPRIETARY LIMITED
1. INTRODUCTION
Shareholders are advised that Vunani Capital Proprietary Limited ("Vunani
Capital"), a wholly owned subsidiary of the Company, has acquired the
balance of Peregrine Financial Services Holdings Limited`s ("Peregrine")
shareholding of 49% of the ordinary shares in Vunani Fund Managers
Proprietary Limited ("VFM") (the "Transaction"). This will result in VFM
becoming a wholly owned subsidiary of Vunani Capital.
2. BACKGROUND INFORMATION
VFM provides institutional and retail clients with a range of fund
management products. VFM has approximately R11 billion under management.
In 2005 Vunani acquired an initial 11% stake in VFM (then trading as
Peregrine iQ). In June 2010 Vunani announced that it had raised its
shareholding to 51% and rebranded Peregrine iQ to VFM.
3. RATIONALE FOR THE TRANSACTION
The acquisition of the balance of Peregrine`s shareholding in VFM will:
* further Vunani`s stated objective of becoming the pre-eminent black
owned financial services business in South Africa;
* send a clear message to existing and prospective clients of VFM that
it is now a wholly owned member of a black financial services company;
and
* allow Vunani to structure the affairs of VFM such that the interests
of management and shareholders of VFM are aligned.
Commenting on the Transaction, Ethan Dube, Chief Executive Officer of
Vunani, stated that "VFM is now ready to pursue its objectives of becoming
a major player in the institutional fund management industry. We are
delighted to have acquired the balance of Peregrine`s shareholding in VFM.
With Vunani in full control and Romeo Makhubela on board as CEO we are well
positioned to grow funds under management".
4. PURCHASE CONSIDERATION
In consideration for the purchase of its 49% shareholding in VFM, Vunani
shall issue 100 (one hundred) million ordinary shares at a share price of
five (5) cents per ordinary share to Peregrine (the "Consideration
Shares").
5. EFFECTIVE DATE
The effective date of the Transaction is 1 August 2011.
6. CONDITIONS PRECEDENT
The transaction is conditional upon formal application by Vunani to the JSE
for the listing of the Consideration Shares.
7. CLASSIFICATION OF THE TRANSACTION
This announcement is being released for information purposes only as it is
not a categorised transaction for purposes of the JSE Listings
Requirements.
Sandton
10 August 2011
Independent Designated Adviser
Grindrod Bank Limited
Joint Designated Adviser
Vunani Corporate Finance
Date: 10/08/2011 17:43:01 Produced by the JSE SENS Department.
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