MyBucks disposals undertaken pursuant to rationalisation process
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
Debt Issuer Code: ECSD
(“the Company” or “Ecsponent”)
MYBUCKS DISPOSALS UNDERTAKEN PURSUANT TO RATIONALISATION PROCESS
The Board has, in previous communications to shareholders, notified shareholders that MyBucks S.A.
(“MyBucks”), a material investee company of Ecsponent, is undertaking a process of recapitalising and
rationalising its operations, to enable it to return to profitability.
As a part of the rationalisation process, MyBucks intends to dispose of non-core assets in order to focus on
its core banking operations and investments and subsidiaries that operate under banking licenses.
Pursuant to this strategy, shareholders are notified that MyBucks has concluded a heads of agreement with
Finclusion Pte Ltd (“Finclusion”), a company associated with Timothy Nuy, the Chief Executive Officer of
MyBucks, for the disposal of the interests in, and claims against, the following entities (“the Disposal”):
- 100% of Get Bucks Proprietary Limited;
- 100% of Getsure Proprietary Limited;
- 100% of Getsure Life Limited;
- 100% of Sanceda Recoveries Proprietary Limited; and
- 100% of OTM Mobile Proprietary Limited.
- 100% of GetBucks (Pty) Ltd;
- 100% of Ligagu Investments Ltd; and
- 100% of Getsure Swaziland Ltd.
- 100% of Get Bucks (Namibia) (Pty) Ltd.
- 99.9% of Emu Inya Enterprises Ltd t/a GetBucks Kenya.
Australia (note 1)
- 24.6% of MyBucks Australia (Pty) Ltd
- 24.6% of Fair Go Finance (Pty) Ltd
- 24.6% of Spot Loans (Pty) Ltd
- 24.6% of Microdog (Pty) Ltd
- 24.6% of Spotco Holdings (Pty) Ltd
Note 1: the acquisition by Finclusion of the Australian group of entities is subject to Suzerain Investments
Holdings Limited (Skybound) not exercising its option granted by MyBucks over these entities prior to
31 December 2019.
- 100% of Opportunity Tanzania Ltd.
(collectively, “the Disposal Assets”).
MyBucks will, pursuant to the Disposal, be entitled to a deferred cash consideration of EUR11,959,456. In
the event that the interest in MyBucks Australia is not acquired by Finclusion, the consideration will decrease
The deferred cash consideration will accrue interest at a rate of 15% per annum, compounded monthly, for
as long as it remains outstanding, payable on or before 30 June 2021.
The Disposal Assets are financial services and/or credit providers operating under the MyBucks brands
(GetBucks and GetSure) in the various countries of their incorporation.
The Disposal is subject to customary conditions precedent, including the conclusion of definitive agreements.
20 November 2019
Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd
Date: 20/11/2019 09:53:00
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