|Ethos Capital is an investment holding company, registered and incorporated in Mauritius as a public company. It is listed on the Johannesburg Stock Exchange and offers shareholders long-term capital appreciation by making commitments and investments into Funds or Direct Investments that are managed by Ethos Private Equity (Pty) Ltd. ("Ethos"), providing the Company with exposure to a diversified portfolio of unlisted private equity type investments ("Portfolio Companies"). "The Group" refers to the consolidated results of the Company and its deemed subsidiary.|
Below is a voluntary financial update of the Company since the interim results announcement made in March 2019.
At 31 March 2019, Ethos Capital Group's net asset value per share increased to R11.32 (R11.16 at 31 December 2018). Total assets grew to over R1.9 billion with the group net asset value (net of treasury shares held) at R1.8 billion. The value-weighted average EV/EBITDA valuation multiple of the portfolio was kept materially the same as 31 December 2018 and the investment portfolio will next be revalued as at 30 June 2019.
Ethos Capital's invested capital as at 31 March 2019 was R1.3 billion, c. 68% of the 31 March 2019 total assets. Post the quarter-end, Ethos Capital invested c. R94 million in the delisting and acquisition of the Torre Analytical Services business. The signed transaction for Echotel to acquire Gondwana is subject to regulatory approval and is expected to complete in June 2019. Post the completion of the latter, invested capital is expected to increase to R1.6 billion (c. 81% of total assets), with Ethos Capital having exposure to seventeen Portfolio Companies that have representation across a diverse set of industries, sectors and vintages.
|Total income for the interim period dropped to R34.3 million (2017: R82 million) and profit for the period narrowed to R13 million (2017: R64.3 million). In addition, headline earnings per share lowered to 8 cents per share (2017: 39 cents per share).|
Ethos Capital will host a webcast presentation at 10h00 am on Tuesday 26 March 2019 covering the results relating to the six months ended 31 December 2018 and the current outlook. A copy of the presentation will be available for download on the Company's website at www.ethoscapital.mu/investors1/reports-results.
Participants should please register in advance for the webcast by clicking on this link: services.choruscall.eu/links/ethos190326.html
Participants who rather want to join telephonically need to click on this link: www.diamondpass.net/2454008
|At the 2nd annual general meeting ("AGM") of the shareholders of Ethos Capital held on, Tuesday 13th November 2018, all but one of the ordinary and special resolutions which were proposed, were approved by the requisite majority of votes; ordinary resolution 12 was not approved.|
|Total income for the year decreased to R121.3 million (2017: R127.1 million), profit for the year fell to R86.7 million (2017: R102.1 million), while headline earnings per share lowered to 53 cents per share (2017: 61 cents per share). |
Ethos Capital will host a webcast presentation at 12h00 pm on Friday 28 September 2018 covering the results relating to the year ended 30 June 2018, and outlook. A copy of the presentation is available for download on the Company's website at http://www.ethoscapital.mu/investors1/reports-results/
Notice of AGM
The Annual General Meeting of Ethos Capital shareholders will be held at the Cellars-Hohenort Hotel, 9 Brommersvlei Road, Constantia, Cape Town on 13 November 2018 at 14h00, to transact the business as stated in the Annual General Meeting Notice forming part of the Annual Financial Statements.
Shareholders are advised that the annual compliance report in terms of Section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act No.46 of 2013, is available on the Company's website at http://www.ethoscapital.mu/investors1/governance/
|The Board of Directors of the Company ("Board") hereby, in term of paragraph 11.27 of the Listings Requirements of the JSE, advised shareholders that the Company, in accordance with the general authority granted by shareholders at the Company?s annual general meeting held on 13 November 2017 (?General Authority?), has cumulatively repurchased from shareholders, through the order book operated by the JSE, and in a series of unrelated transactions without any prior understanding or arrangement between the Company and these shareholders, 5 605 723 ordinary shares (?Shares?) in the aggregate, representing 3.02% of the Company's issued share capital at the time of the General Authority (excluding treasury shares) ("Repurchase"). |
The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on 26 September 2018, hence requiring the publication of this announcement.
|Ethos Capital will announce its audited annual results for the year ended 30 June 2018 via the Stock Exchange News Service on Friday morning, 28 September 2018. The results will also immediately thereafter be available on Ethos Capital?s website at: http://www.ethoscapital.mu/investors1/reports-results/ |
The Company will host a webcast presentation at 12:00 pm on Friday, 28 September 2018 covering the results relating to the year ended 30 June 2018, and outlook. Participants should please register for the webcast in advance by navigating to this website: http://www.diamondpass.net/4704077
|Total income came in higher at R82 million (R41.7 million) whilst profit for the period increased to R64.3 million (R28.9 million). Furthermore, headline earnings per share grew to 36cps (16cps).|
The pipeline of opportunities across all of the Funds remains very strong. While there is improvement in the macroeconomic environment, it is important that the Funds continue to invest selectively in assets that have a robust and defensible business case. Across the various Funds, Ethos is in exclusive discussions on seven investments. Two have been signed and are subject only to regulatory approval. A further two investments are well progressed and have signed term sheets. While there can be no guarantee that all of these transactions will close, Ethos remains confident that it will be able to close on the majority of these investments. The amount of capital required by Ethos Capital into these transactions, should the Funds be successful in closing all of them, would be approximately R400 million.
The Company will host a webcast presentation at 12:00 pm on Monday 19 March 2018, covering the above results and outlook. Participants should please register for the webcast in advance by navigating to this website: http://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=5478956-linkSecurityString=1a49fad60 To access the call, dial one of the numbers supplied and then enter the passcode and PIN provided in the confirmation (which will be sent to you upon registration). If you experience any issues with the registration, or do not have web access, please contact Arlene Byrne at 011 328 7414 for assistance.
|Ethos Capital will announce its unaudited interim results for the six months ended 31 December 2017 via SENS on Monday morning 19 March 2018. The results will also be available on its website at: |
The Company will host a webcast presentation at 12:00 pm on Monday, covering the results relating to the above period, and outlook.
|Shareholders are hereby advised that the company has received notification from Ethos Private Equity (Pty) Ltd. (?Ethos?), its Investment Advisor, that Ethos has acquired a further 2 500 000 Ethos Capital ordinary shares in the market. |
The above acquisition is in addition to the 2 250 000 Ethos Capital ordinary shares that Ethos subscribed for at the time of the listing. As such, the total beneficial interest in the ordinary shares of the company held by Ethos now amounts to 2.6% of the total issued ordinary shares of the company.
|At the 2017 (1st) annual general meeting (?AGM?) of the shareholders of Ethos Capital held yesterday, Monday 13th November 2107, all but one of the ordinary and special resolutions which were proposed, were approved by the requisite majority of votes; special resolution 2 was not approved.|
|With regard to the audited results for the year ended 30 June 2017, shareholders are reminded that the Integrated Annual Report, which includes the Annual Financial Statements for the year ended 30 June 2017, is available on the company?s website at www.ethoscapital.mu/investors1/reports-results/. This report will be distributed to shareholders on 13 October 2017 and contain no modifications to the results which were published on SENS and the audited results which were published on the company?s website, both on 28 September 2017.|
Notice of annual general meeting
Notice is hereby given that the Annual General Meeting of Ethos Capital shareholders will be held at the VOC Boardroom, 28th Floor Portside Building (report to the 8th Floor Reception), 5 Buitengracht Street, Cape Town, on 13 November 2017 at 14h00, to transact the business as stated in the Annual General Meeting Notice forming part of the Integrated Annual Report.
The Notice of Annual General Meeting and proxy forms will also be available on the company?s website at www.ethoscapital.mu
*Record date to determine which shareholders are entitled to receive the notice of annual general meeting - Friday 6 October 2017
*Last day to trade in order to be eligible to attend and vote at the annual general meeting - Tuesday 31 October 2017
*Record date to determine which shareholders are entitled to attend and vote at the annual general meeting - Friday 3 November 2017
*Forms of proxy for the Annual General Meeting to be lodged by 14h00 on* Thursday 9 November 2017
*any proxies not lodged by this time must be handed to the Chairperson of the Annual General Meeting immediately prior to such proxy exercising his/her right to vote at the annual general meeting.
|Ethos Capital released their maiden set of final results since listing. Total income came in at R126.6 million, profit for the year was R102.1 million, while headline earnings per share was recorded at 57 cents per share. |
Ethos Capital will host a conference call at 09h00 on Friday, 28 September 2017 to present and discuss the annual results. The presentation will be a dial-in format, and a copy of the presentation is available for download on the Company's website www.ethoscapital.mu; dial-in details are also available on the website.
Notice of AGM
Notice was given that the Annual General Meeting of Ethos Capital shareholders will be held at the VOC Boardroom, 28th Floor Portside Building (report to the 8th Floor Reception), 5 Buitengracht Street, Cape Town on 13 November 2017 at 14h00 to transact the business as stated in the Annual General Meeting Notice forming part of the Annual Financial Statements.
|Shareholders are advised that, owing to the nature of the business conducted by Ethos Capital, the board of the company has decided to adopt net asset value per share (?NAVPS?) as the relevant measure for trading statement and short-form announcement purposes.|
As an investment entity, Ethos Capital?s business and its strategy is to enhance the net asset value per ordinary share and to offer shareholders superior long-term capital appreciation by investing in unlisted private equity type investments. Therefore, the sustainability of the NAVPS and growth thereon over a longer period of time is considered a more appropriate measurement of financial performance, in comparison to headline earnings per share and earnings per share.
|The following results are the company's maiden interim results. Total income came in at R41.7 million whilst profit for the period was R28.9 million. Furthermore, headline earnings per share were 16cps.|
|As set out in the Quarterly update released by Ethos Capital on the Stock Exchange News Service on 14 October, 2016, the Ethos Mid Market Fund I has achieved a first close on 17 November, 2016. Ethos Capital is one of the first close investors with a commitment of R550 million (with an intended total commitment on final close of R900 million). The Ethos Mid Market Fund I has also received the requisite approvals for the acquisition of certain BEE assets from Ethos Fund VI and completion is expected to occur by mid December, 2016. The assets acquired include a 15% stake in Autozone and Twinsaver and a 10% stake in Eazi Access, for a total upfront consideration by the Fund of R361 million. |
The Ethos Mezzanine Partners Fund 3 was formally launched on 15 November, 2016. The Ethos Capital commitment to this Fund is intended to be R320 million with a targeted date for first close of 31 March, 2017. In addition, Ethos Capital has acquired a secondary interest in Ethos Fund VI. The interest acquired is a USD10.0 million commitment to the Fund (c.1.4% interest) of which the current net invested capital (including unfunded guarantees) is USD5.7 million. The Board will continue to explore other secondary transactions in respect of Ethos Fund VI.
Post the first close of the Ethos Mid Market Fund I, the Fund?s acquisition of the BEE assets and the secondary transaction, Ethos Capital has total commitments of approximately 39% of its last reported Net Asset Value (?NAV?) and net invested capital (including unfunded guarantees) of approximately 21% of NAV.
|In accordance with the JSE Ltd. Listings Requirements and the company?s Pre-Listing Statement dated 18 July 2016, Ethos Capital has set out below an update on the progress of its various strategic initiatives and an updated Net Asset Value (?NAV?) for the quarter ended 30 September 2016. |
The Ethos Mid-Market Fund is on track for the first close of the fund in October 2016. Ethos Capital will be one of the first close investors with a commitment of R550 million with a total commitment on final close of R900 million. Progress has been made on the acquisition of certain BEE assets from Ethos Fund VI and if Advisory Board approval is forthcoming, completion is likely to occur soon after the date of the first close of the fund. The Ethos Mezzanine Partners Fund raising is likely to be launched in November 2016. The Ethos Capital commitment to this fund is R320 million.
The Ethos Capital Board has approved the Secondary Investments strategy. The company has made several offers to existing investors in Ethos Fund VI. Discussions continue, however there can be no certainty that a transaction will be concluded. The Board continues to explore various options to acquire a stake in Ethos Fund VI.
Ashburton Fund Managers (?Ashburton?) has been appointed as the manager of the Temporary Investments. During August and September, Ashburton invested the IPO proceeds net of expenses and excluding some proceeds which was transferred to US Dollars to facilitate the Secondary Investments strategy. The Temporary Investments have been invested in a portfolio of low risk, liquid South African government bonds and bank NCDs. The current yield on the portfolio is approximately 7.7%.
Net Asset Value The NAV as at 30 September 2016 was R1.77 billion, reflecting the IPO proceeds net of listing expenses and other operating expenditure. This equates to a NAV per ordinary share (adjusted)* of R9.83.
*adjusted to exclude the encumbered shares issued to Ethos Private Equity.
|EPE Capital Partners Ltd. (Ethos Capital or the Company) is registered and incorporated in Mauritius as a public company under the Mauritius Companies Act 2001. As an investment holding company, it offers shareholders long-term capital appreciation by indirectly investing in a diversified portfolio of unlisted private equity-type investments managed by Ethos Private Equity (Pty) Ltd. (Ethos)|