PRESS RELEASE

05 June 2020

ECSPONENT APPOINTMENTS SHAREHOLDER REPRESENTATIVE TO THE BOARD; KEY BOARD DIRECTORS TO ASSUME MANAGEMENT ROLES AND DEVELOP UNDERLYING PORTFOLIO

5 June 2020, Pretoria. Over the past number of weeks, Ecsponent Limited’s new management team has engaged extensively with all classes of shareholders.
During these interactions, the need for shareholder representation on the board of directors of Ecsponent Limited (“the board”) was raised by investors on numerous occasions. The board is therefore delighted that Mr Cobus Beetge accepted his nomination as a non-executive director, not only from a shareholder representation point of view but also for the depth that his business acumen and experience brings to the board.
In order to further develop the underlying portfolio of investments and unlock value for stakeholders in Ecsponent, the Company identified a critical need to assign experienced individuals to the board of directors of MyBucks SA (“the MyBucks board”). To strengthen on-going management and governance efforts in this regard, it was imperative for these individuals to have exemplary track records of building and growing private equity investments.
Accordingly, Mr Craig Lyons and Mr Patrick Matute will step down from the board with immediate effect as they have both been reassigned to assist and support the Company’s key investment, MyBucks. As members of the MyBucks board, their focus will be on strengthening the underlying business. Specifically, Mr Patrick Matute will be an executive member of the MyBucks board.

George Manyere, CEO of Ecsponent commented:“We are grateful to have the experience and skillsets of Mr Craig Lyons and Mr Patrick Matute who have been redeployed to oversee and manage Ecsponent’s key investment in Mybucks S.A. They have accordingly resigned as directors of Ecsponent to focus on this critical task of turning around the fortunes of the MyBucks Group.”
Mr Keith Rayner’s position of Independent Non-executive Charmain adds further depth to Ecsponent’s corporate governance and allows for the retention of critical corporate memory. The board is excited about the prospects of its portfolio and will keep shareholders appropriately informed of any further updates.
As stated in previous releases, Ecsponent Financial Services (Pty) Limited (“EFS”) was the subject of a non-routine investigation by the Financial Sector Conduct Authority (“FSCA”) for almost 7 years. The FSCA has now concluded this investigation and has decided to withdraw the licence of EFS and impose an administrative penalty.Manyere concluded: “We welcome the final outcome from the FSCA with regards to EFS’s licence and business in which Ecsponent Limited is the sole shareholder. This brings to conclusion a legacy issue and protracted investigation by the FSCA of more than seven years. Going forward, our focus remains on proactively managing our underlying assets for value.”

www.ecsponentlimited.com

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NOTE TO EDITORS
About Ecsponent Limited
Ecsponent Limited (JSE: ECS) is listed on the JSE’s main board under the Financial Services – Specialty Finance sector. Ecsponent is a private equity holdings company with interests in financial services, renewable energy and mining. Ecsponent aims to create value for its stakeholders by (i) proactively managing its investments with a view to enhancing value and being cash generative and (ii) seeking exits from its investments to realise cash and targeted returns.