Ecsponent’s business model requires funding for both existing business growth and to pursue further acquisitions. Funding is deployed in the growth of financial services assets and the acquisition of new assets which contribute to the growth strategy. Preference shares are considered an optimal source of funding for these on-going business needs and accordingly the Company has registered a R5 billion preference share programme (“the Programme”) under which Ecsponent may, from time to time, issue multiple tranches of preference shares. The Programme was approved by the JSE on 8 September 2014 and again on 15 December 2015. By 30 June 2016 Ecsponent Limited had received subscription investments of R441 million.

 

Reconciliation of the number of preference shares in issue:
Ecsponent Limited (South Africa)
Class A Class B Class C
Reported at the beginning of the period 326 798 688 485 1 641 290
Issue of preference shares during the year 30 790 319 804 1 414 569
357 588 1 008 289 3 055 859
Weighted average issue price per share (Rands) 95.33 100.00 100.00
Ecsponent Limited (Swaziland)
Class A Class E
Reported at the beginning of the period 18 058 000 18 174 000
Issue of preference shares during the year 9 158 000 11 910 700
27 216 000 30 084 700
Weighted average issue price per share (converted to Rand)       1.00       1.00
Ecsponent Limited (Botswana)
Class A Class B
Reported at the beginning of the period 14 764 000 2 067 000
Repayment of preference shares during the year (1 014 000)
13 750 000      2 067 000
Weighted average issue price per share (Pula)              1.00               1.00
Weighted average issue price per share (Rand) 1.33 1.33