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Trading statement in respect of financial year ended 30 June 2020
EPE CAPITAL PARTNERS LTD
(Incorporated in the Republic of Mauritius)
(Registration number: C138883 C1/GBL)
ISIN: MU0522S00005
Share Code: EPE
("Ethos Capital" or "the Company")
TRADING STATEMENT IN RESPECT OF FINANCIAL YEAR ENDED 30 JUNE 2020
Ethos Capital is an investment holding company, registered and incorporated in Mauritius. It is listed on
the Johannesburg Stock Exchange and offers shareholders potential long-term capital appreciation by
making commitments and investments into Funds or Co-investments that are actively managed by Ethos
Private Equity (Pty) Limited ("Ethos"), providing the Company with exposure to a diversified portfolio of
unlisted private equity type investments ("Portfolio Companies").
Below is a trading update ahead of the Company’s announcement of its annual results for the year ended
30 June 2020, which is expected to be released on the Stock Exchange News Service on or about 28
September 2020.
Trading update
Shareholders are advised that Ethos Capital’s Net Asset Value per share ("NAVPS") as at 30 June 2020 is
estimated to be between R6.60 and R6.70. This range represents a decrease of between 41% and 42%
compared to the reported NAVPS at the last corresponding reporting period at 30 June 2019 of R11.34; and
is largely similar to the 31 March 2020 reported NAVPS of R6.65.
The Brait SE ("Brait") investment is included in the above 30 June 2020 NAVPS range at its 30 June 2020
share price of R3.34. Based on Brait’s last reported NAVPS of R8.27 at 31 March 2020, the Ethos Capital 30
June 2020 NAVPS is estimated to be between R9.07 and R9.17.
As noted in a SENS announcement in June 2020, the Company successfully raised R750 million through a
fully underwritten Rights Issue at R7.50 per share during February 2020, that resulted in an increase in the
number of shares in issue (excluding treasury shares) from 157.5 million to 257.5 million shares. The
dilutive impact of the Rights Issue was a decrease in the prevailing NAVPS at the time of c.R1.59 per share.
The reduction in the estimated NAVPS during the latter part of the year was driven by the unprecedented
outbreak of the COVID-19 pandemic, followed by national lockdowns across the world. This had a
significant impact on most of the Portfolio Companies’ short-term profitability and resulted in sharp
declines in peer group multiples and resultant valuations that impacted Ethos Capital NAVPS, as was
reported in the 31 March 2020 NAVPS of R6.65. Whilst the valuation of the unlisted portfolio companies
increased since 31 March 2020, a further decline in the share price of the Brait investment resulted in a
largely flat NAVPS over the last quarter of the financial year.
Disclaimer
The financial information on which this trading statement is based, has not been audited, reviewed and
reported on by the Company’s external auditors.
Ebene, Mauritius (with simultaneous circulation in Johannesburg)
11 September 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 11-09-2020 07:30:00
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