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BLACKSTAR GROUP SE - Press Release: Tiso Blackstar Completes Acquisitions of Times Media Group and Kagiso Tiso Holdings

Release Date: 08/06/2015 08:01
Code(s): TBG     PDF:  
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Press Release: Tiso Blackstar Completes Acquisitions of Times Media Group and Kagiso Tiso Holdings

Tiso Blackstar Group SE
(Incorporated in Malta)
(Company number SE 4)
(registered as an external company with limited liability in the Republic of South Africa under
registration number 2011/008274/10)
LSE Ticker: BLCK (until close of business on 8 June 2015) and TBGR (as of 9 June 2015)
JSE Share code: TBG
ISIN: MT0000620113



    Press Release: Tiso Blackstar Completes Acquisitions of
        Times Media Group and Kagiso Tiso Holdings


London, 8 June 2015: The board of Tiso Blackstar Group SE (Tiso Blackstar) is delighted to
announce that the company has completed its acquisition of Times Media Group Limited
(TMG), leaving it with full ownership (100% ordinary share capital) of the largest and most
dynamic media company in sub-Saharan Africa. Today also sees Tiso Blackstar complete its
acquisition of a 22.9% equity interest in Kagiso Tiso Holdings (KTH), one of South Africa’s
largest black-controlled investment companies, which also has strong media interests.

Tiso Blackstar, listed on London’s AIM and Johannesburg’s Altx market with a market
capitalisation of just under £200 million, looks forward to investing in the company’s assets
and using its expertise and relationships to explore and develop further opportunities across
sub-Saharan Africa. The Acquisitions will substantially increase Blackstar’s scale and Intrinsic
Net Asset Value to approximately R4.5 billion (£251.8 million) without materially adding to
the head office costs of the Group, up from R1.6 billion (£89.0 million) at the year ended 31
December 2014.

Tiso Blackstar’s newspaper assets include The Sunday Times of South Africa (South Africa’s
biggest-selling weekend newspaper, reaching over 3.6 million readers per issue), The
Sowetan, The Times, and Business Day. Tiso Blackstar has further assets in South Africa,
Kenya, Uganda and Ghana, which include businesses focused on magazines, websites,
television and radio businesses, music publishing and film distribution.

KTH, closely linked to the Tiso Foundation, has invested in media, resources, infrastructure,
power and financial services in South African and other African countries.

Tiso Blackstar’s leadership has a strong record of investment in Africa, and includes:

   -   Andrew Bonamour, CEO of Tiso Blackstar Group
   -   David Adomakoh, Tiso Blackstar Group SE Chairman
   -   Nkunku Sowazi, Tiso Blackstar Group South Africa Chairman

Bonamour said: “Tiso Blackstar brings together many of sub-Saharan Africa’s most exciting
media businesses into one group. The digital and mobile opportunities in these markets are
only just beginning, and we have the talented people, relationships and experience to make
the most of them. We are also pleased that the outlook and composition of our businesses is
closely in touch with the Africa of today. Tiso Blackstar looks forward to creating further
value for, and together with, its shareholders.”

Adomakoh said: “Tiso Blackstar presents an exciting opportunity for investors to access
largely untapped African markets. The recent transactions provide a firm foundation for Tiso
Blackstar’s future growth by further enabling access to a multitude of opportunities across
the continent.”

Sowazi said: “Tiso Blackstar is rooted in Africa with an investment and operational focus on
growth, return on equity, capital allocation and sustainability. The investment philosophies
and expertise, coupled with a solid capital base, makes the Group a long-term partner of
choice for African business owners looking to expand or exit.”

Bonamour also paid tribute to the support of shareholders and entities involved in the
transaction, which included Coronation Asset Management, Kagiso Asset Management, the
Metha family, and the Public Investment Corporation.

Tiso Blackstar (renamed today from Blackstar Group SE) is a dual-listed (UK and South
Africa), Africa-focused, diversified investment company of scale, pursuing a growth strategy
supported by solid, cash producing assets. The Group holds investments across Southern
Africa, West Africa (Ghana) and East Africa (Kenya and Uganda). Positioned at the centre of
the high growth African consumer market, Tiso Blackstar has claimed a leading position in
the media sector, and strong development in the industrial sector, offering high growth
potential for investors through businesses that are supported by strong cash flows. With no
investment holding limits, Tiso Blackstar is positioned to extract value through long term
partnerships with other stakeholders.



For further information, interview requests or images, please contact Powerscourt:

Juliet Callaghan / John Elliott

juliet.callaghan@powerscourt-group.com / john.elliott@powerscourt-group.com

0044 207 250 1446 / 0044 7968 819 273 / 0044 7894 709 826



8 June 2015

Sponsor

PSG Capital Proprietary Limited

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