(Pty) Ltd Branch Network Disposal Information
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Jan 2016 SUMMARISED BUSINESS PLAN Strictly Private & Confidential Tadvest Limited – Growth Through Diversity 2 Table of Contents Table of Contents .................................................................................................................................... 3 1. Corporate Data ........................................................................................................................ 5 2. Executive Summary ................................................................................................................. 6 3. Definitions ............................................................................................................................... 8 4. Corporate Information .......................................................................................................... 12 4.1. Vision, Mission and Corporate Values .................................................................................. 12 4.2. Corporate structure at Listing Date ...................................................................................... 12 4.3. Corporate structure after initial acquisitions upon NSX Listing ............................................ 13 5. Organisational Structure and Corporate Governance ........................................................... 13 5.1. Organisational Chart ............................................................................................................. 13 5.2. External Service Providers .................................................................................................... 13 5.3. Board Responsibilities ........................................................................................................... 14 5.4. Board Composition ............................................................................................................... 14 5.5. Committee Structures ........................................................................................................... 14 6. Investment Objectives and Operations Strategy .................................................................. 16 6.1. Introduction .......................................................................................................................... 16 6.2. Competitive Advantage of Tadvest ....................................................................................... 16 6.3. Investment Philosophy and Exit Strategies ........................................................................... 17 6.4. Diversification of Portfolio .................................................................................................... 17 6.5. Target Sectors ....................................................................................................................... 18 6.6. Investment Jurisdictions ....................................................................................................... 24 6.7. SWOT Analysis ....................................................................................................................... 27 7. Rationale for Dual-Listed Structure ....................................................................................... 28 8. Risks ....................................................................................................................................... 29 8.1. Capital and Portfolio Risk ...................................................................................................... 29 8.2. Currency Risk ......................................................................................................................... 29 8.3. Stock Market Risk .................................................................................................................. 29 8.4. Liquidity Risk ......................................................................................................................... 29 8.5. Leverage and Financing Risk ................................................................................................. 30 8.6. Global Political, Economic and Financial Risk ....................................................................... 30 8.7. Regulatory Change May Affect the Company ....................................................................... 31 8.8. Forward looking statements ................................................................................................. 31 8.9. Tadvest SPA not signed or uneffective ................................................................................. 31 8.10. Failure to raise capital and meet the financial forecasts ...................................................... 31 9. Description of Assets and Financial Forecasts ....................................................................... 32 9.1. Asset Held by Tadvest Limited (As at SEM Listing) ............................................................... 33 Tadvest Limited – Growth Through Diversity 3 9.2. Assets Held by Tadvest SA (Pty) Ltd (As at SEM Listing) ....................................................... 39 9.3. Assets currently under consideration for acquisition in early 2016 ..................................... 51 9.4. Three year financial forecasted results ................................................................................. 53 9.5. Expected Financial Statements as at SEM listing .................................................................. 57 9.6. Financial Requirements......................................................................................................... 59 10. Management – Experienced Team with Deep Industry Knowledge ..................................... 60 10.1. Board of Directors ................................................................................................................. 60 10.2. Contracted Management Team – Key Personnel ................................................................. 64 11. Contact Details ...................................................................................................................... 65 Annexure A: Group Structure as at SEM listing date ............................................................................ 66 Annexure B: Group Structure as at NSX listing date ............................................................................. 67 Tadvest Limited – Growth Through Diversity 4 1. Corporate Data Registered Office Company Secretary, Registrar and Transfer Secretary Unit 12B, 12th Floor Raffles Tower Safyr Wealth Services Ltd 19 Cybercity Ebene 72201 Unit 12B, 12th Floor Raffles Tower Mauritius 19 Cybercity Ebene 72201 (postal address same as physical address) Mauritius (postal address same as physical address) Mauritian Bankers SEM Authorised Representatives Barclays Bank Mauritius Limited Safyr Wealth Services Ltd Company No. 68913 Unit 12B, 12th Floor Raffles Tower 1st Floor Barclays House 19 Cybercity Ebene 72201 68-68A Cybercity Ebene Mauritius Mauritius Business Registration No.: C10068913 Mr. Ian Chambers (postal address same as physical address) Director of the Company 8 Residence des Aloes Royal Road, Tamarin Riviere Noire, Mauritius South Africa Corporate Advisors SEM Sponsoring Broker Bravura Capital (Pty) Limited LCF Securities Ltd 23 Fricker Road, Illovo, Suite 108, 1st Floor, Moka Business Centre, Johannesburg Mont Ory Road, Moka South Africa Mauritius (postal address same as physical address) Auditor Legal Advisor as to Mauritian Law Lancasters Eversheds (registered as a Law Firm in Mauritius) Lavoquer St 2nd Floor, Barkly Wharf Port Louis Port Louis Mauritius (postal address same as physical address) (postal address same as physical address) Independent Financial Adviser Mauritian Company Administrator BDO & Co Safyr Wealth Services Ltd 10, Frere Felix De Valois Street, (same address as above) P.O. Box 799, Port Louis Mauritius (postal address same as physical address) South African Legal Advisor Hogan Lovells South Africa 22 Fredman Drive, Sandton Johannesburg 2196 Tadvest Limited – Growth Through Diversity 5 2. Executive Summary Tadvest Limited (“the Company”) was established in Mauritius on the 5th of November 2014 as a company holding a Category One Global Business Licence (“GBL1”). The Company was initially registered under the name of Tad Holdings LTD and was later renamed Tadvest Limited. The Company is an investment holding company with a current portfolio of assets that is focused primarily in the real estate sector although it holds investments in the agriculture and industrial sectors and intends to diversify in the renewable and healthcare sectors. Assets held directly by the Company include property assets in South Africa, an Australian aerospace company and a South Africa printing company specialising in high-end printing, barcoding and labelling solutions which has also entered into a recent joint venture with an innovative 3-D printing company in South Africa. These assets were acquired by Tadvest on 5 December 2014. In addition, once the current restructuring activities in South Africa are completed, the Company will hold a 14.66% investment in Tadvest South Africa (“Tadvest SA”), a South African investment holding company with substantial investments in listed and unlisted property assets as well as investments in the food and agricultural sectors. The restructure was completed on the 15th of December 2015. The Company meets the definition of an Investment Entity as stiupulated under section 27 of the International Financial Reporting Standard ("IFRS")