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Black Women Transaction
ISA Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009608/06)
Share code: ISA ISIN: ZAE000067344
(“ISA” or “the Company”)
BLACK WOMEN TRANSACTION
Further to the announcements released on SENS on 30 October 2013, 9 December 2013 and 10 January
2014, and the circular to ISA shareholders issued on 9 December 2013 (and using the terms defined
therein unless otherwise stated), shareholders are hereby advised that, in accordance with the Loan
Agreement and the Buy-Back Option Agreement entered into between ISA and EmpowerGroup
governing the Specific Repurchase, EmpowerGroup has, with effect from 28 August 2014, procured the
transfer to Black Women such number of shares in the issued shares of EmpowerGroup equal to 40% of
the entire issued share capital of EmpowerGroup (“Black Women Transaction”).
Accordingly, ISA will not be exercising its Second Option to purchase the Second Option Shares from
EmpowerGroup.
The Black Women Transaction has resulted in 10% of the issued shares of ISA, net of treasury shares,
being deemed to be held by Black Women on the basis of the flow through principle as contemplated in
the codes of good practice issued from time to time in terms of section 9 of the BEE Act.
While EmpowerGroup retains its 25.1% interest in the issued shares of ISA, net of treasury shares, as a
consequence of the Black Women Transaction the indirect beneficial interests for each of Messrs Alan
Naidoo and Andrew Maren, being non-executive directors of ISA and executive directors of
EmpowerGroup, has decreased from 15 628 149 to 9 376 889 shares in ISA.
Johannesburg
29 August 2014
Designated Adviser
Merchantec Capital
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