Source: Bayport Management LTD
Bayport Management Limited ("Bayport") refers to the announcement made on 23
October 2013 whereby it was made public that Bayport had entered into an
agreement with Transaction Capital Limited ("Transaction Capital") to acquire
100 per cent of the shares in Bayport Financial Services 2010 Proprietary
Limited ("BFS") and Zenthyme Investments Proprietary Limited ("Zenthyme") from
Transaction Capital (the "Transaction").
In order to sell all of the shares in BFS and Zenthyme it was necessary for
Transaction Capital to acquire the shares held by existing minority shareholders
in BFS and Zenthyme (the "Minority Buy Out").
The Transaction was conditional upon satisfaction of certain conditions
precedent which were, amongst others, to secure financing for the full cash
consideration payable by Bayport to Transaction Capital as well as obtaining
necessary shareholder and regulatory approvals. After satisfaction of the
conditions precedent and the implementation of the Minority Buy Out BFS and
Zenthyme will become wholly owned subsidiaries of Bayport.
Bayport are now pleased to announce that all conditions precedent to the
Transaction have been confirmed timeously fulfilled or waived.
Gernandt & Danielsson has acted as Swedish legal advisor to Bayport.
BFS and Zenthyme
The business conducted through BFS (and its subsidiaries) and Zenthyme includes
the provision of unsecured credit and related products, cellular handset and
airtime subscription agreements and related products, to historically under-
served low to middle income individuals in South Africa. The business provides
clients with personalised and direct access to credit, by originating retail
loans through a wide distribution network of approximately 2,211 mobile,
commission earning independent agents; operating out of 56 branches and 33
kiosks at selected South African Post Office outlets nationwide and backed by
three call centres.
Bayport is a leading provider of unsecured credit and financial solutions to the
formally employed mass markets in emerging markets in Africa (Zambia, Ghana,
Uganda, Tanzania, Botswana and Mozambique) and Latin America (Colombia). Today,
Bayport services over 270,000 customers (total loan portfolio of approximately
USD 400 million) through 289 branches, with the support of 3,300 employees.
Bayport has further developed a broad global debt and equity investor base and
wide relationships with multinational and domestic banks and insurance and
pension funds in its markets of operation and in Scandinavia.
Bayport Management Limited is required to make public this information in
accordance with the Swedish Securities Market Act and/or the
Financial Instruments Trading Act. The information was released for publication
10 January 2014 at 07:10 (CET).
For additional information, please contact Grant Kurland +44 (0) 7720 498706
/David Rajak +27 (0) 82 901 9363 (firstname.lastname@example.org) or