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MKL
MKL
Makalani Holdings Limited - Quarterly Portfolio Update As At 31 March 2006
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL
ISIN: ZAE000066700
("Makalani" or "the company")
QUARTERLY PORTFOLIO UPDATE AS AT 31 MARCH 2006
1 Introduction
In terms of section 15.4(f) of the JSE Limited ("JSE") 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.
2. Portfolio information
Further to the publication of the interim results on 22 February 2006
for the eight months period ended 31 December 2005, Makalani has
concluded R201.4 million worth of transactions as outlined below.
2.1 Shanduka Engineering
Makalani subscribed on 31 March 2006 for R26.35 million of
cumulative redeemable preference shares in Shanduka Engineering
Investments (Proprietary) Limited ("Shanduka Engineering"), a
wholly owned subsidiary of Shanduka Resources (Proprietary)
Limited. Shanduka Engineering utilised the proceeds to acquire a
shareholding in Inyanga Consolidated Investments (Proprietary)
Limited ("Inyanga"), a company whose principal business is
engineering project management and process plant design.
Inyanga"s operating subsidiaries are Dowding, Reynard and
Associates (DRA) and Minopex.
2.2 Brait
Makalani, alongside other subscribers, subscribed on 7 April 2006
for R100 million of cumulative redeemable preference shares in
Brait South Africa Limited ("Brait") as part of an exercise by
Brait to raise capital to fund its growth.
2.3 Shanduka Credit
Makalani provided a loan of R75 million on 28 April 2006 to
Shanduka Credit Services (Proprietary) Limited ("Shanduka
Credit"), a wholly owned subsidiary of Shanduka Group
(Proprietary) Limited. Shanduka Credit will utilise the proceeds
to acquire a shareholding in KreditInform (Proprietary) Limited
("KreditInform"). KreditInform"s main focus is the provision of
up-to-date information through various databases for the
management and analysis of credit-related data to the corporate
sector. KreditInform provides critical information to businesses
that grant credit and maintain debtors" books.
2.4 Portfolio update
The portfolio summary of investments as at 31 March 2006 appears
in the table below:
Asset Empowered Sector Funding Nominal
company instrument value
(R"million)
KreditInform(5 Shanduka Financial Loan 75.0
) Group Services
Brait(5) Brait Financial Preference 100.0
services shares
Inyanga Shanduka Engineering Preference 26.4
Resources services shares
Mvelaphanda Mvelaphanda Services Preference 25.0
Group Group shares
Nampak Aka Capital Paper and Preference 44.0
packaging shares
Life Brimstone Healthcare Loan 49.0
Healthcare and
Mvelaphanda
Metropolitan Kagiso Insurance Preference 135.0
shares
Gold Fields Mvelaphanda Mining Preference 50.0
shares
Aberdare Izingwe Engineering Preference 25.0
shares
Mondi Shanduka Paper Loan 43.0
Newsprint
FirstRand Kagiso, MIT Banks Preference 150.0
and WDB shares
Total 722.4
Weighted annualised pre-tax yield on
investments(3)(%) 13.8
Net asset value per unit(4)(R) 100.71
Notes
1. The portfolio information above has neither been audited nor
reviewed by Makalani"s external auditors.
2. Makalani has not made any impairment provisions against any asset
in the portfolio.
3. 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.
4. The net asset value ("NAV") per unit includes capital and accrued
interest and dividends as at 31 March 2006.
5. The Brait and KreditInform transactions only became effective on
7 April 2006 and 28 April 2006 respectively, but for illustrative
purposes only are included in the weighted annualised pre-tax
yield on investments.
3. 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.
4. Publication of annual financial results
Unitholders are notified that Makalani"s first full year financial
results for the period ending 30 June 2006 will be published on or
about 14 September 2006.
Sandton
3 May 2006
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03/05/2006 12:46:46 PM Produced by the JSE SENS Department
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