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Quarterly update as at 30 September 2020, report on proceedings at the annual general meeting
EPE CAPITAL PARTNERS LTD
(Incorporated in the Republic of Mauritius)
(Registration number: C138883 C1/GBL)
ISIN: MU0522S00005
Share Code: EPE
("Ethos Capital" or "the Company")
QUARTERLY UPDATE AS AT 30 SEPTEMBER 2020, REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING
Ethos Capital is an investment holding company, registered and incorporated in Mauritius. It is listed on the
Johannesburg Stock Exchange and offers shareholders potential long-term capital appreciation by making
commitments and investments into Funds or co-investments that are actively managed by Ethos Private Equity (Pty)
Limited ("Ethos"), providing the Company with exposure to a diversified portfolio of unlisted private equity type
investments ("Portfolio Companies").
Below is a voluntary financial update of the Company since the annual results announcement made in September
2020.
Net Asset Value ("NAV") and NAV per share ("NAVPS")
As previously mentioned, the unprecedented outbreak of the COVID-19 pandemic, followed by national lockdowns
across the world, has had a significant impact on most of the Portfolio Companies’ short-term profitability and their
valuations, including the share price of the listed Brait SE ("Brait") portfolio.
Many of the Portfolio Companies have demonstrated a decent recovery from the COVID-19 enforced lockdowns,
however the possibility of a second COVID-19 wave raises ongoing risks and uncertainties for these businesses.
Brait announced its unaudited interim results for the six months to 30 September 2020 today with a NAVPS for the
Brait portfolio of assets of R7.71. The unlisted portfolio of Ethos Capital assets increased by c. 4% since 30 June 2020.
Using Brait’s NAVPS, the implied Ethos Capital NAVPS as at 30 September 2020 is R9.05.
As at 30 September 2020, the Brait share price was R3.50 (an implied share price discount of 55% to its NAVPS; 30
June 2020: R3.34). Using the Brait share price, the implied Ethos Capital NAVPS as at 30 September 2020 was R6.94.
The table below shows the portfolio valuation and Company’s NAVPS as at 30 September 2020:
Ethos Capital portfolio Brait portfolio Combined portfolio
Jun 20 Sept 20 Sept 20 Sept 20
At R7.71 At R3.50 At R7.71 At R3.50
NAV ('million) 1,460 1,518 996 452 2,514 1,970
NAVPS - Rand
Invested capital 9.76 7.65
Net liabilities (0.71) (0.71)
Total 9.05 6.94
Report on proceedings at the Annual General Meeting
At the fourth Annual General Meeting ("AGM") of the shareholders of Ethos Capital held on Tuesday, 17 th November
2020, all of the ordinary and special resolutions which were proposed, were approved by the requisite majority of
votes. In this regard, the Company confirms the voting statistics from the AGM as follows:
Votes cast disclosed as a Shares voted Shares abstained
percentage in relation to disclosed as a disclosed as a
the total number of shares Number of percentage in percentage in
voted at the meeting shares relation to the relation to the
Resolutions voted total issued total issued
shares* shares*
For Against
Ordinary resolution number 1:
Approval of the audited Annual 100.00% 0.00% 207,980,091 74.68% 0.02%
Financial Statements
Ordinary resolution number 2:
Reappointment of Deloitte
(South Africa) and Mr Dinesh 97.46% 2.54% 207,980,091 74.68% 0.02%
Munu as the designated audit
partner
Ordinary resolution number 3:
Reappointment of Deloitte
(Mauritius) and Mr Jacques Du 97.46% 2.54% 207,980,091 74.68% 0.02%
Meé as the designated audit
partner
Ordinary resolution number 4:
Re-election of Ms Yvonne Stillhart 100.00% 0.00% 207,980,091 74.68% 0.02%
as Director
Ordinary resolution number 5:
Re-election of Mr Yuvraj 100.00% 0.00% 207,980,091 74.68% 0.02%
Juwaheer as Director
Ordinary resolution number 6:
Re-election of Mr Derek Prout-
Jones as a member of the Audit 99.95% 0.05% 207,980,091 74.68% 0.02%
and Risk Committee
Ordinary resolution number 7:
Re-election of Mr Kevin
Allagapen as a member and 99.69% 0.31% 207,284,730 74.43% 0.27%
chairperson of the Audit and Risk
Committee
Ordinary resolution number 8:
Re-election of Mr Yuvraj
Juwaheer as a member of the 99.67% 0.33% 207,965,234 74.67% 0.02%
Audit and Risk Committee
Ordinary resolution number 9:
Approval of Non-Executive 84.28% 15.72% 207,980,091 74.68% 0.02%
Directors’ remuneration
Ordinary resolution number 10:
Endorsement of the 84.59% 15.41% 207,980,091 74.68% 0.02%
remuneration policy
Ordinary resolution number 11:
Endorsement of the
implementation report on the 84.59% 15.41% 207,980,091 74.68% 0.02%
remuneration policy
Ordinary resolution number 12:
Approval of general authority to
issue shares and/or other
convertible securities for cash,
limited to 9,000,000 repurchased 83.24% 16.76% 207,980,091 74.68% 0.02%
shares held in treasury (c.3.2% of
the shares in issue at the date of
the notice of AGM)
Special resolution number 1:
Approval of general authority to
acquire or repurchase the
Company’s shares, up to 5% 87.18% 12.82% 207,980,091 74.68% 0.02%
(13,925,000) of the shares in
issue at the beginning of the
2021 financial year
*Total issued shares is 278,500,000 (net of repurchased shares held in treasury)
Disclaimer
The financial information on which this announcement is based, has not been audited, reviewed and reported on by
the Company’s external auditors.
Ebene, Mauritius (with simultaneous circulation in Johannesburg)
18 November 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 18-11-2020 04:39:00
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