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Shareholder update
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE code: ADW
ISIN: ZAE000060703
(“Afdawn” or "the company")
SHAREHOLDER UPDATE
Shareholders are referred to the SENS announcement released on
10 April 2013, wherein the company advised of a change in
strategy to become an active investment holding company. The
focus of the company would be to acquire shareholdings in
entrepreneurial companies, with strong innovation drive, which
are in proven growth phases by enhancing the capabilities of
these entities to accelerate long term sustainable growth.
Following discussions with various large shareholders, the
board of directors of Afdawn is pleased to announce that it
will be taking initial steps in the implementation of the
abovementioned strategy.
Various short-term actions will support the strategy:
1. Further capabilities will be acquired and
institutionalised, which will include deal sourcing and
structuring capabilities, investee mentorship programmes, the
setting up of an investment fund and co-investment alliances;
2. A business development committee will be formed, together
with the assistance of external professionals, who will be
appointed to oversee investment decisions;
3. The company will divest from non-core assets and
operations. The essence of the vision is that Afdawn will no
longer focus on unsecured lending as a business model;
4. The recapitalisation of the company by way of, inter alia,
a rights offer; and
5. Afdawn will be rebranded to articulate the vision and
strategy in a visual manner.
6. The head office structure and overheads will be
significantly reduced and present cost curtailing programmes
will be continued to enable the new vision.
Johannesburg
15 October 2013
Designated Advisor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 15/10/2013 10:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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