Sharenet Sites 
Sharenet Sites
Voluntary update on partial sale of an underlying investment
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")
VOLUNTARY UPDATE ON PARTIAL SALE OF AN UNDERLYING INVESTMENT
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").
Partial sale of underlying investment in Portfolio Company
Ethos Capital owns in aggregate, through its different investments in Ethos Funds, 10.29% of Channel VAS Investments
Limited ("Channel VAS"), a leading provider of Airtime Credit Services and Mobile Financial Solutions across 28
countries in Africa. At 30 June 2020, the stake was valued at US$31.6 million and constituted 29% of Ethos Capital’s
Total Assets.
In line with the Board’s stated strategy of optimising capital allocation and enhancing shareholder value, Ethos Capital
has sold a 1.4% stake in Channel VAS at a consideration of US$5 million (R76.6 million). The sale consideration has
valued Ethos Capital’s stake in Channel VAS at US$36.7 million (a 16% premium to the valuation as at 30 June 2020).
Over the two-year hold period, this partial realisation delivered in ZAR a money back multiple of 1.6x and an IRR of
27%.
Post the transaction, Ethos Capital will retain an aggregate stake of 8.89% in Channel VAS with a valuation (based on
the transaction value) of US$31.7 million. The proceeds of the sale will be used to repay existing borrowings in Ethos
Capital which will provide additional flexibility to execute on its strategies to enhance shareholder value.
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)
2 December 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02-12-2020 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
