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TREMATON - INVESTMENT IN FINANCIAL SERVICES

Release Date: 14/09/1998 17:54
Code(s): TMT
Wrap Text
INVESTMENT IN FINANCIAL SERVICES
TREMATON CAPITAL INVESTMENTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 97/08691/06)
("TREMATON")
INVESTMENT IN FINANCIAL SERVICES
INTRODUCTION

PURSUANT TO THE CAUTIONARY ANNOUNCEMENTS ISSUED ON 17 AND 28 AUGUST 1998, TREMATON IS PLEASED TO ANNOUNCE ITS FIRST INVESTMENT IN THE FINANCIAL SERVICES SECTOR THROUGH THE FORMATION OF TREGIA HOLDINGS (PTY) LTD AND ITS SUBSIDIARIES ("TREGIA"). STRUCTURE TREMATON CAPITAL INVESTMENTS LTD |
100% | 100% 80%
---------------------|-------------------
| | |
TREMATON CAPITAL LTD TREMATON FINANCIAL TREMATON
(PRIVATE EQUITY SERVICES (PTY) LTD TECHNOLOGIES (PTY) LTD)
INVESTMENTS) (INFORMATION TECHNOLOGY) |
| MANAGEMENT
74,9% | / 25,1% | / TREGIA HOLDINGS (PTY) LTD |
100% | 100%
---------------------|-------------------
| |
TREMATON GLOBAL TREMATON GLOBAL
INVESTMENT SOLUTIONS INVESTMENT
(PTY) LTD ADMINISTRATORS
(PTY) LTD SHAREHOLDING AND CAPITAL
TREMATON WILL OWN 74,9% OF TREGIA WHILST MANAGEMENT WILL HOLD 25,1%. MANAGEMENT HAVE THE RIGHT TO INCREASE THEIR HOLDING UP TO 40% AGAINST THE ATTAINMENT OF SPECIFIC PROFIT TARGETS OVER THE NEXT THREE YEARS.
TREMATON HAS CONTRIBUTED EQUITY CAPITAL OF R8,5 MILLION AND MANAGEMENT R1,5 MILLION FOR THEIR RESPECTIVE SHAREHOLDINGS. NATURE OF BUSINESS
TREGIA IS A LINKED INVESTMENT SERVICE PROVIDER WHICH CREATES AND DISTRIBUTES INVESTMENT PRODUCTS, PRIMARILY UNIT TRUSTS TO INDEPENDENT FINANCIAL BROKERS. TREGIA IS ITSELF INDEPENDENT BEING THE ONLY INVESTMENT PROVIDER WHICH IS NOT CONTROLLED BY AN INVESTMENT PRODUCT SUPPLIER. IT IS THEREFORE ABLE TO GIVE IMPARTIAL INVESTMENT ADVICE AND TO HAVE UNRESTRICTED ACCESS TO THE PRODUCTS OF ALL INVESTMENT PRODUCT SUPPLIERS.
TREGIA WILL ADOPT THE HIGHEST STANDARDS OF SERVICE THROUGH A SIGNIFICANT INVESTMENT IN STATE-OF-THE-ART INFORMATION TECHNOLOGY SYSTEMS. THE
ADMINISTRATION SERVICE WHICH THIS PROVIDES WILL BE OFFERED TO INVESTORS THROUGH INDEPENDENT BROKERS. STRATEGY
TREGIA WILL CONSTANTLY REVIEW AND ASSESS THE PERFORMANCE OF INVESTMENT PRODUCT SUPPLIERS TO CREATE A COMPREHENSIVE AND FLEXIBLE RANGE OF INVESTMENT PRODUCTS WHICH MEET THE UNIQUE NEEDS OF INVESTORS. IT WILL PARTNER INDEPENDENT FINANCIAL BROKERS THROUGH THE PROVISION OF INFORMATION, PERSONALISED SERVICE AND AN ADMINISTRATION INFRASTRUCTURE TO ENSURE THE BEST INVESTMENT SERVICE AND ADVICE TO THEIR CLIENTS. MANAGEMENT
TREGIA CONSISTS OF A TEAM OF SIXTY PEOPLE, THE MAJORITY OF WHOM WERE ORIGINALLY WITH SOUTHERN INVESTMENT MANAGEMENT COMPANY (IMC), UNDER THE LEADERSHIP OF EUGENE YAZBEK.
THE HEAD OFFICE ADMINISTRATION AND CALL CENTRE WILL BE BASED IN CAPE TOWN AND OFFICES WILL BE OPENED IN DURBAN, JOHANNESBURG, PORT ELIZABETH AND GEORGE. EUGENE YAZBEK (41) WHO HAS HAD 17 YEARS' EXPERIENCE IN THE INDUSTRY WILL BE THE MANAGING DIRECTOR OF TREGIA. THE EXECUTIVE DIRECTORS OF TREMATON WILL BE ON THE BOARD AND WILL BE DIRECTLY INVOLVED IN THE FORMULATION OF STRATEGY, EXPANSION OF THE GROUP AND IN THE ACQUISITION OF COMPANIES IN THE FINANCIAL SERVICES FIELD. EFFECT ON EARNINGS AND NET ASSET VALUE
TREGIA WAS FORMED IN SEPTEMBER 1998 BUT WILL ONLY BECOME FULLY OPERATIONAL FROM 1 NOVEMBER 1998. ACCORDINGLY, THERE WILL BE NO EFFECT EITHER ON THE 1998 EARNINGS OR THE NET ASSET VALUE OF TREMATON. TREGIA IS CONFIDENT OF STRONG BROKER CUSTOMER SUPPORT AND WILL HAVE THE MOST TECHNOLOGICALLY ADVANCED ADMINISTRATION SYSTEMS FULLY FUNCTIONAL FROM THE DATE OF COMMENCEMENT. TREGIA IS EXPECTED TO MAKE A MEANINGFUL CONTRIBUTION TO TREMATON'S EARNINGS IN ITS SECOND YEAR OF OPERATION. DURBAN 14 SEPTEMBER 1998 SPONSORING BROKER MERRILL LYNCH SMITH BORKUM HARE (PTY) LTD MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REG. NO. 95/01805/07

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