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Voluntary update on recent developments in portfolio companies
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 RECENT DEVELOPMENTS IN PORTFOLIO COMPANIES
Ethos Capital is an investment holding company, registered, and incorporated in Mauritius. It is listed on the
Johannesburg Stock Exchange (“JSE”) 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”).
Since the announcement of the Ethos Capital quarterly Net Asset Value (“NAV”) update on 23 November 2021,
Funds or vehicles managed by Ethos have completed three disposals and capital raisings, the details of which
are set out below.
Neopak
On 6 December 2021, Ethos Fund VI (“EF VI”) announced the sale of Neopak Holdings (Pty) Ltd (“Neopak”), a
leading paper and packaging company, to Corruseal Group. The transaction is subject to a number of
regulatory conditions, including Competition Commission approval. The proceeds from this transaction are in
addition to inflows received earlier this year through the disposal of other non-core Neopak assets. On a
combined basis, the disposal proceeds represent a 22% premium to the NAV of Neopak as at the last Ethos
Capital audited valuation as at 30 June 2021. The combined disposal proceeds represent a return to EF VI of
approximately 1.9 Times Money Back. Ethos Capital, which is a relatively small investor in EF VI, will receive
disposal proceeds of c.R9 million. Further details are available at
https://www.businesslive.co.za/bd/companies/financial-services/2021-12-06-ethos-to-sell-neopak-to-100-
black-owned-investment-group/
Consol
On 26 November 2021, Brait plc (“Brait”) announced the sale of Consol Holdings Proprietary Limited
(“Consol”), the leading producer of glass packaging in Africa, to Ardagh Group S.A., the leading global supplier
of glass and metal packaging based in Ireland. The transaction valued Consol at an equity value of R10.1 billion
and remains subject to a number of regulatory conditions, including Competition Commission approval. The
transaction value represents a 37% premium to the NAV of Consol in Brait’s last audited accounts as at 31
March 2021 and a 16% premium to the NAV as at 30 September 2021. Brait will receive disposal proceeds of
c.R400 million upon completion of the transaction. Further details of the transaction can be found at
http://brait.investoreports.com/investor-relations/news/
TymeBank
On 7 December 2021, TymeBank one of the fastest growing digital banking groups globally, announced the
successful conclusion of its US$180m capital raising to fund the continued growth of the business. The
company has raised US$70 million from a consortium including Tencent and CDC Group. This capital raise
follows on from the US$110 million raised from a consortium which included Apis Growth Fund II (a fintech
fund managed by Apis Partners LLP) and JG Summit Holdings in June 2021. Both capital raisings were done at a
significant premium to the in-price of the Ethos Ai Fund I (“EAiF I”). The latest fundraising represents an 80%
increase on the last audited Ethos Capital carrying value of TymeBank of R30 million as at 30 June 2021 (and as
at 30 September 2021).
These transactions are in addition to the disposal or monetisation of other assets over the past six months
across various Ethos Funds including J&J and IHS (Ethos Africa Fund) and the international business of Waco
(EF VI) all of which were at premiums to their prevailing NAVs.
As set out in the Ethos Capital results announcement for the year ended 30 June 2021, the various Ethos Funds
continue to explore opportunities to dispose of a number of assets in the portfolio. The recent activity
demonstrates the ability of Ethos to monetise assets and raise capital at premiums to their current NAV.
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)
07 December 2021
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07-12-2021 10:06:00
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