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ACP
ACP
Acucap brings in strategic BEE partner
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap" or "the Company")
PRESS RELEASE:
Acucap brings in strategic BEE partner
Acucap Properties Limited today announced that the company has entered into an
agreement with Thesele Group in terms of which Thesele will be become Acucap"s
strategic black economic empowerment (BEE) partner. This transaction will
result in Thesele becoming a 10% linked unit holder of Acucap.
Thesele will effectively acquire 7 582 106 Acucap linked units, following a
specific issue of new Acucap linked units for cash for an amount of R168 853
501. This represents a price of R22.27 per Acucap linked unit, being the full
30 day volume weighted average traded price of Acucap prior to 23 December 2005,
the date on which Acucap and Thesele agreed on the price of the transaction and
on which date Acucap issued a cautionary announcement in respect of the
transaction.
The funding for the transaction will be provided by Nedbank Corporate Property
Finance.
Thesele is a majority black owned and managed company founded in December 2004
by Sello Moloko, Thabo Leeuw and Lance Katz with the support of Sanlam Private
Equity. The principals own the bulk of the shares in Thesele whilst the Thesele
Foundation, a development trust dedicated to the upliftment of women and
children in disadvantaged communities, owns 5% of the equity.
Acucap Managing Director Paul Theodosiou expressed his enthusiasm for the
company"s partnership with Thesele. He said that in Acucap"s drive to broaden
its shareholder base, it has actively sought, over a period of time, an
empowerment partner that will contribute meaningfully to the success of Acucap
through strategic input at board level, access to wider networks and deal flow,
assisting with internal transformation and charter compliance, and furthering
sound stakeholder relations and by so doing helping Acucap succeed in its goal
of delivering sustainable growth in distributions to unit holders.
"Thesele is such a partner and I am confident of Thesele"s ability to play a
significant strategic role as a BEE shareholder of reference to Acucap" says
Theodosiou.
It is planned to invite Sello Moloko, the executive chairman of Thesele, to join
the Acucap board as a non-executive director. Moloko brings to Acucap his
strong business acumen and a unique insight into the issues of transformation in
the business environment. After a short stint in employee benefits, Moloko built
a strong reputation in the asset management field. He is the former deputy CEO
of Brait Asset Managers and the former CEO of Old Mutual Asset Managers.
Moloko mentioned that the acquisition of a stake in Acucap fits in perfectly
with Thesele"s broader strategic objectives. "We find the structure of Acucap
clean and appealing as there is no separate Manco. We are also excited to be
associated with a property portfolio and management team of Acucap"s pedigree."
He further said that Thesele was pleased with Acucap"s strategy of focussing on
growth in distributions.
"Thesele will bring a good balance of financial, technical and strategic skills
to greatly benefit the quality of decision making at Acucap and to further its
relationships with institutional investors ," explains Professor Brian Kantor,
chairman of Acucap. He added that, "Thesele is also highly entrepreneurial with
a full appreciation that its investment in Acucap is for the long haul."
ENDS.
Date: 13/02/2006 02:57:05 PM Produced by the JSE SENS Department
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