|
Wiphold Moves To Delist
Women Investment Portfolio Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/001291/06)
Share code: WPH ISIN: ZAE000017752
("WIPHOLD" or "the Company")
WIPHOLD MOVES TO DELIST
WIPHOLD (Women Investment Portfolio Holdings) today announced that an agreement
has been reached which may result in its delisting from the JSE Securities
Exchange.
According to Louisa Mojela, Chief Executive of WIPHOLD, a consortium comprising
WIPHOLD Investment Trust, Old Mutual (South Africa) Limited, Gloria Serobe and
Louisa Mojela, have proposed to buy out the company`s minority shareholders. The
company has received support for the deal from shareholders holding at least 46%
of the shares that are to be bought out.
"This move represents a milestone in achieving our original vision for WIPHOLD,"
said Mojela. "It will significantly improve the company`s black and women direct
economic empowerment ownership at shareholder level to at least 50% and key
employees are intended to have direct economic empowerment participation. This
will also strengthen our position for future business activities in a tough
market."
Serobe said that the introduction of a strong strategic institutional
shareholder such as Old Mutual would provide two-fold benefit to WIPHOLD.
Financially, the company will have better access to working capital and
investment facilities, and operationally the company will have access to
overlapping skills and deal-flow opportunities while simultaneously achieving
the alignment of shareholder interests.
Roddy Sparks, Old Mutual (SA) Managing Director, confirmed this view, adding
that the deal is not only consistent with Old Mutual`s aim to promote BEE
through its investment portfolio. It also represents a good long term strategic
investment for Old Mutual.
"The financial services environment has been exceptionally challenging for small
financial services players without access to balance sheet and deal flow
opportunities," he said. "This transaction ensures that WIPHOLD is a company
with really good prospects to thrive going forward."
WIPHOLD listed in the Investment Trust sector in March 1999, becoming the first
organisation dedicated to women`s empowerment to achieve a JSE listing. Market
sentiments turned against both investments trusts and the empowerment platform
in 1999, soon after the listing. During this period, empowerment companies were
heavily criticized for being passive investors and not adding value to their
underlying investments. WIPHOLD responded in September 1999 by initiating a
strategic restructuring away from being a passive investment trust to an
operational financial services company with a view to focusing on financial
services.
This process saw the formation of Wipcapital, a company specialising in advisory
services and funds management. "Since its formation, Wipcapital, under
extremely challenging market conditions, has established itself as a recognized
financial services brand that has remained true to its empowerment mission" says
Serobe, the Wipcapital chief.
WIPHOLD has since disposed of most of its non-core assets, and continued to
streamline its portfolio of investments with its major asset now being wholly-
owned financial services subsidiary, Wipcapital.
Today`s announcement is consistent with Chairman Dolly Mokgatle`s comments in
WIPHOLD`s 2002 annual report when she noted that initiatives have been pursued
to introduce a strategic shareholder into the group, which would provide a
larger balance sheet and synergies with the advisory divisions. The introduction
of a strategic shareholder would facilitate a delisting and provide an
opportunity to improve the empowerment economic ownership at shareholder level.
Details of the deal would be disclosed in due course and shareholders would be
kept informed as discussions progressed.
Ends..
Issued by:Trish Downing
Old Mutual (SA) Corporate Communications
Tel: 021- 509-0125
Fax: 021- 509-3377
Cell: 082 772 4358
email: tdowning@oldmutual.com
Nombini Mehlomakulu
WIPHOLD Corporate Affairs
Tel: 011 - 715 3568
Fax: 011 - 728 8869
e-mail: nombinim@wipcapital.com
Contact: Gloria Serobe Louisa Mojela
Wipcapital WIPHOLD
Tel: 011 715-3616 Tel: 011 715-3615
Fax: 011 715-3612 Fax: 011 715-3612
Lance Katz
Old Mutual(OMSFIN)
Tel: 021 509-7549
Fax: 021 509-0086
Date: 18/12/2002 05:25:31 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
