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Voluntary announcement in respect of the disposal of Cadiz Asset Management
STELLAR CAPITAL PARTNERS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/015580/06)
Share code: SCP ISIN: ZAE000198586
(“Stellar Capital”)
VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE DISPOSAL OF CADIZ ASSET MANAGEMENT
Stellar Capital wishes to inform shareholders that it has
concluded an agreement to transfer Cadiz Asset Management
(“Cadiz”) to Warwick effective 1 May 2018 (“the Disposal”).
Stellar Capital’s CEO Peter van Zyl commented: “We have
recently reviewed our future strategic direction and focus
within the greater Stellar Group and have been looking for the
right strategic partner for Cadiz and the sale of Cadiz Asset
Management to Warwick represents a very positive and important
step for the future of Cadiz. For some 20 years, Cadiz has
earned a reputation for the development of innovative
structured financial products, hedge funds and money market
fund excellence and we are proud of our association with this
great asset management company. In Warwick, we have found the
ideal partner to take the Cadiz business forward and to share
in its future success. We are confident that the synergies
between the two businesses will be maximised and that the deal
will be particularly beneficial for clients.”
Warwick CEO, Ian Kilbride, commented: “We are delighted with
the deal to acquire the business of Cadiz and to partner with
Stellar Capital going forward. Cadiz is a company that I, and
indeed the broader financial services industry, have respected
for many years. The deal will add value to Warwick in three
respects. Firstly, it will add further quality asset
management professionals with a successful and proven track-
record to our team. Secondly, the Cadiz suite of funds will
add to our existing suite of funds and portfolio offering.
Thirdly, the acquisition will take Warwick into the retail and
institutional asset management space, which forms part of our
three-year strategic plan.”
The Disposal falls below the threshold of the categorisation
of transactions which require disclosure in terms of the JSE
Limited's Listings Requirements and will be subject to
securing all necessary regulatory approvals.
Nevertheless, the Board of Stellar Capital deemed it
appropriate to inform shareholders of the Disposal.
Cape Town
3 May 2018
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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