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Makalani Holdings Limited - Quarterly Portfolio Update As At 30 September 2005
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL
ISIN: ZAE000066700
("Makalani")
QUARTERLY PORTFOLIO UPDATE AS AT 30 SEPTEMBER 2005
Introduction
In terms section 15.4(f) of the JSE Limited"s Listings Requirements, Makalani is
required to disclose its portfolio to unitholders on a quarterly basis until
such time as at least 50% of the portfolio has been established in investments
other than cash or short dated securities.
Portfolio information
Upon listing on 18 May 2005, Makalani acquired seed assets from Rand Merchant
Bank, a division of FirstRand Bank Limited, totalling approximately R200
million. In addition, Makalani participated directly in the FirstRand black
economic empowerment ("BEE") transaction for R150 million. Following the Nampak
Limited ("Nampak") and Life Healthcare Group (Proprietary) ("Life Healthcare")
investments announced on 29 September 2005, Makalani"s portfolio has increased
to approximately R443 million.
The portfolio summary of investments as at 30 September 2005 appears in the
table below.
Asset BEE company Sector Instrument Book value
(R"million)
Nampak Aka Capital Paper and Preference 44.0
packaging shares
Life Healthcare(5) Brimstone and Healthcare Loan 50.0
Mvelaphanda
Metropolitan Kagiso Insurance Preference 77.0
shares
Gold Fields Mvelaphanda Mining Preference 50.0
shares
Aberdare Izingwe Engineering Preference 25.0
shares
Mondi Newsprint Shanduka Paper Loan 47.0
FirstRand Kagiso, MIT and Banks Preference 150.0
WDB shares
Total 443.0
Weighted annualised pre-tax yield on 13.80
investments(3)(%)
Net asset value per unit(4)(R) 100.96
Notes
The portfolio information above has neither been audited nor reviewed by
Makalani"s external auditors.
Makalani has not made any impairment provisions against any asset in the
portfolio.
In calculating the weighted annualised pre-tax yield on investments, dividends
have been grossed up using the corporate tax rate of 29% and the benefits of
Secondary Tax on Companies have been ignored.
The net asset value ("NAV") per unit includes capital plus accrued interest and
dividends as at 30 September 2005.
For illustrative purposes the Life Healthcare investment, which became effective
on 7 October 2005, is included in the NAV per unit and weighted annualised pre-
tax yield on investments.
Prospects
Makalani continues to evaluate a number of potential Financial Sector Charter
compliant transactions in a variety of sectors and will make further
announcements as and when these transactions are concluded.
Publication of financial results
Unitholders are notified that Makalani"s first financial results will be the
publication of its interim results for the period ending 31 December 2005.
Makalani will not publish any results for the period ended 30 June 2005 because
after listing on 18 May 2005, Makalani had only one month of trading history to
report on. In this regard, Makalani has obtained dispensation from the JSE
Limited and Registrar of Companies to neither publish results nor hold an annual
general meeting for the period ended 30 June 2005.
Distribution to unitholders
Makalani will declare its first distribution to unitholders upon publication of
the interim results for the period ending 31 December 2005 and every six months
thereafter.
Sandton
27 October 2005
Merchant Bank and sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 27/10/2005 12:06:09 PM Produced by the JSE SENS Department
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