Reports & Results
ANNUAL GENERAL MEETING PRESENTATION
Further to the Annual General Meeting, held on 13 November 2017, please find below the presentation given by Ethos Capital CEO, Peter Hayward-Butt and Ethos Private Equity CEO, Stuart MacKenzie.
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 are available below:
- Notice of Annual General Meeting
- SENS - EPE CAPITAL PARTNERS LIMITED - No change statement, distribution of annual financial statements and notice of annual general meeting
- Proxy Form
RESULTS FOR THE YEAR ENDED 30 JUNE 2017
- Ethos Capital Integrated Financial Report
- Ethos Capital Results Presentation
- Ethos Capital Results Presentation Recording
- Ethos Capital Summary of Results
- Ethos Capital Results Media Placement
Ethos Capital was listed on the JSE in August 2016, raising R1.8 billion. As at 30 June 2017, the Company had committed R0.7 billion to Ethos Funds and invested 18% of the capital, providing access to nine underlying Portfolio Companies. As at 30 June 2017, Ethos Capital had a NAV of R1.87 billion and a NAVPS of R10.37.
Post year-end, Ethos Capital made further commitments to Ethos Funds and Direct Investments, increasing its commitments to R1.3 billion, and with three new Portfolio Company investments completed or agreed, its invested capital base will increase to R746 million (40% of the NAV). In addition, at the September 2017 Board meeting, the Board approved a further Direct Investment of R100 million and initial commitments to Ethos Fund VII (R1.25 billion), Ethos Mezzanine Partners Fund 3 (R250 million) and Ethos Healthcare Fund I (R250 million).
The Board's medium-term objective is to fully invest Ethos Capital's NAV and is assessing further commitments into new Ethos Fund investment programmes and Direct Investments; whilst managing the Company's liquidity and commitment strategies in a disciplined way.
The Company's share price ended the financial year at R8.74, a discount of 15.7% to the NAVPS as at 30 June 2017. It is expected that increased investment activity and growth in the portfolio value should provide a positive catalyst to the share price; however, public market perceptions are difficult to predict.
ANNUAL RESULTS PRESENTATION
Ethos Capital’s results for the year ended June 2017 were released on Thursday 28th September 2017. Please find above links to the results as well as a short presentation covering the portfolio and the outlook. We will host a conference call covering the results and outlook at 9:00am on Friday 29 September.
Please note that a recording of the call is available here.
RESULTS FOR THE SIX MONTHS ENDING 31 DECEMBER 2016
- Ethos Capital Unaudited condensed interim results & financial statements
- Ethos Capital Summary unaudited financial results announcement
In the period, Ethos Capital made a R550m commitment (will increase to R900m at final close) to Ethos Mid Market Fund I and acquired a R138m commitment in Ethos Fund VI through a secondary transaction. There is currently an active pipeline of new and follow-on transactions in both of these Funds. In addition, at the March 2017 Board meeting, the Board approved potential Direct Investments totalling R500m; however, there can be no certainty that these transactions will be completed.
The Ethos Capital Board is committed to a policy of enhancing long-term shareholder value and, as part of this strategy, the Board has taken a decision that it may elect to repurchase Ethos Capital shares should the volume weighted price per share trade at a larger than 10% discount to the prevailing total NAV per share for a reasonably sustained period of time. This does not represent a commitment by the Company to acquire shares but provides clarity on the principles that the Board will adopt towards share repurchases. Any repurchase strategy will take into account Ethos Capital’s liquidity requirements and fund commitments and will only initially be implemented until Ethos Capital has invested 75% of the proceeds raised in the IPO.
Click here for Ethos Capital's valuation principles.
In all communications with Shareholders, the Board aims to present a balanced and understandable assessment of Ethos Capital’s position. This is done through adhering to principles of openness and substance over form and striving to address material matters of significant interest and concern to all Shareholders. Ethos Capital will prepare, and distribute to Shareholders, an annual integrated report, as a primary form of communication with Shareholders, in accordance with applicable laws and regulations.
Subject to the applicable laws and regulations, communication with institutional Shareholders and investment analysts will be maintained through periodic presentations of financial results, one-on-one visits, trading statements and press announcements of interim and final results, as well as the proactive dissemination of any information considered relevant to investors and Shareholders.