Takeover of personnel agency PAG Ltd (market capitalisation of R7m, 36 cents per share).
Market capitalisation increases to R56m after capitalisation issue of five shares for every 100 held at R2 per share in February 1996.
Professional Securities Ltd, PSG’s stockbroking business, starts to trade and PSG Fund Management is founded.
PSG secures control over Anchor Life Assurance Company for R44m.
PAG Ltd changes its name to PSG Group Ltd.
PSG sells PAG Placements for R107m in order to place its focus on financial services.
PSG establishes a head office in Stellenbosch.
Around R62m is raised through private placement with institutions at R10 per share.
PSG buys remaining stake in PSG Risk Managers, resulting in PSG being the sole shareholder.
PSG sells its whole business to Servgro for R327m cash and 200m Servgro shares. Servgro’s name is changed to PSG Financial Services (Pty) Ltd.
BEE transaction with Siphumelele Investments through which Siphumelele obtains an 11,5% interest in PSG for R90m.
R1,2bn is raised for PSG Noble Capital Ltd.
PSG Noble is listed on the JSE.
Establishes PSG Investment Bank with share capital of R400m.
Establishes PSG Specialised Lending, the predecessor to Capitec.
Completes R492m rights issue by PSG Financial Services (R350m invested by PSG).
PSG Online is launched and PSG Konsult is established.
Merger of PSG Noble and PSG Investment Bank, after which PSG Investment Bank is listed on the JSE as the seventh biggest bank in South Africa.
Founds Keynes Rational Group and raises R225m in the market.
Buys out minorities in PSG Online and combines with PSG Securities.
PSG Investment Bank purchases The Business Bank.
Escher Group is listed on the JSE and R41m capital raised – R17bn assets under management.
PSG Investment Bank buys Real Africa Durolink Bank for R316m (including R147m cash payment).
Keynes Rational sold to The Business Bank, a 100% subsidiary of PSG Investment Bank; R100m capital is raised; a banking licence is obtained and the business changes its name to Capitec.
Capitec lists on the JSE.
Escher Group merges with mCubed Capital to form mCubed Holdings.
At year-end PSG shares trade at a discount of 47% to net asset value.
A2 banking crisis means it is a very difficult year for the financial services industry.
PSG shares trade at a discount to net asset value and through Project Unlock Value, cash is distributed to shareholders. Mainly funded through the sale of PSG’s interest in PSG Investment Bank for R620m, a normal dividend of 20 cents and special dividend of 200 cents per share are paid.
PSG unbundles Capitec shareholding.
Project Unlock Value deemed complete and Project Growth is the new goal.
Arch Equity founded as a BEE investment company and listed on the JSE AltX: PSG owns 20%.
The Sunday Times ranks PSG number one on list of JSE companies that created the most wealth for shareholders over a 10-year period. PSG is also the most consistent being top 20 in the one, five and 10-year periods.
PSG issues R190m perpetual preference shares and raises R104m ordinary shares through a private placement.
PSG’s market capitalisation increases from R834m to R2,7bn in one year.
PSG acquires 15% interest in the JSE Ltd and becomes the largest shareholder.
PSG sells controlling interest in Channel Life to Sanlam.
Zeder Investments Ltd established and R698m raised through private placement. Zeder is listed on the JSE in the same year.
PSG Konsult raises R86m through a successful rights issue – capital used for the purchase of Multinet.
PSG/Arch Equity merger through which PSG obtains 20% interest in Capitec.
A new investment company, Paladin Capital, is established.
PSG sells its interest in the JSE for R679m (that was purchased for less than R50m).
PSG obtains R269m through successful rights issue and private placement. An amount of R300m is invested in Quince Capital, a new niche financing company together with Reunert.
PSG share swap for Capitec shares and PSG manages to increase Capitec shareholding to 34,9%.
PSG joins Sanlam and Santam in establishing the new direct insurance – MiWay Insurance.
PSG obtains 80% interest in Alternative Channel from Channel Life and changes name to PSG FutureWealth.
Zeder offers its 5,8% interest in Pioneer Food Group Ltd in exchange for a further 16,8% interest in Kaap Agri to increase total shareholding to 33,6%.
PSG sells its interest in Quince Capital to Reunert for R345m.
PSG sells its 34,6% interest and loan account in Channel Life to Sanlam for R199m.
General decline in markets around the world results in PSG’s headline earnings decreasing by 77,9% to 65,3 cents per share. However, recurring headline earnings increase.
Capitec is virtually unaffected by world economic crisis.
Zeder’s investments, Kaap Agri and Pioneer, do rights issues and raise R100m and R500m respectively.
PSG declares special dividend of 20 cents per share.
PSG makes R1m contribution to upgrade and expand Akkerdoppies, a Stellenbosch pre-primary school that offers early childhood education to children in the community.
PSG’s BEE Employees Trust obtains 10,5% in Thembeka Capital, valued at R75m. To date employees have received dividends of more than R3m.
PSG disposes of its 25% interest in MiWay.
Paladin lists on the JSE and raises R150m through rights issue – PSG invests R52m.
Zeder raises R495m through a successful rights issue – PSG invests R212m.
PSG TURNS 15 YEARS OLD.
PSG Financial Services raises R502m through listed perpetual preference shares.
Effective 1 March 2010, PSG Fund Management acquires remaining 20% minority interest in PSG FutureWealth.
Paladin increases its 50% interest in private schools group Curro through purchasing a further 26% for R52m.
Capitec is rated number one in terms of Total Returns Index over five years by the Sunday Times survey of country’s top 100 companies.
Zeder disposes its 35,5% interest in KWV Holdings Ltd for R286m cash. Combined with market value of the returned interest in Capevin Holdings and dividends received over the investment period, it represents a compounded annual rate of return of 18,8%.
Paladin sells its 50% investment in CIC to Imperial for R364m. Having invested R67m originally and receiving R24m in dividends, CIC was an extraordinary investment with a compounded return of 64,8% over the four-year period.
Paladin Capital unbundles Curro.
PSG acquires 18,7% minorities in Paladin Capital, Paladin Capital delisted and rebranded as PSG Private Equity.
Curro Holdings listed on the JSE (AltX) in June 2011.
PSG Fund Management merges with PSG Konsult and rebranded as PSG Asset Management.
Kaap Agri split its own operations from its holding in Pioneer Foods – R300m value created (R133m for Zeder).
PSG raised R361m in cash through the issue of 5,4m ordinary shares at an average price of R67,33 per share.
PSG raised R450m in cash through the issue of a five-year redeemable pref with a fixed rate of 8,63%.
PSG disposed of its investment in EOH for a non-recurring cash profit of R151m before tax.
PSG furnished Capitec with an irrevocable undertaking to the value of R724m to take up its share of their rights offer. PSG obtained funding to enable it to do so and has since disposed of the majority of its Capitec rights offer shares to repay the debt raised in respect thereof. PSG’s shareholding in Capitec has as a result reduced from 32,2% to 28,5%, with an after-tax nonheadline profit of R393m having been realised.
Repurchased 492 471 PSG ordinary shares for R33,1m cash at R67,19 per share.
Issued 3 996 291 PSG Financial Services perpetual preference shares for cash proceeds of R300m at an effective dividend yield of 9,44%, and partial utilisation thereof to redeem promissory notes upon maturity of R269,8m.
Curro conducted a rights offer during May 2013, underwritten by PSG. Our additional investment from same amounted to R350,6m.
PSG raised R1,275bn in cash through the issue of ordinary shares, of which R920m was by means of a book build and R355m through private placements.
The PSG/Thembeka scheme of arrangement, amounting to R1,5bn, was concluded in terms of which significant value was unlocked for Thembeka shareholders. Following the scheme of arrangement, PSG holds a 49% interest in a new BEE investment holding company and PSG’s interest in Capitec and Curro increased to 30,7% and 58,5%, respectively.
Zeder increased its direct interest in Pioneer Foods to 27,3% through the issue of Zeder shares in a transaction valued in excess of R2,5bn. This constituted the single largest transaction in PSG’s history.
Following the aforementioned Zeder share issue, PSG’s interest in Zeder diluted to 29,1%. PSG subsequently increased its shareholding to 33,8% for a cash consideration of R447m.
PSG invested R356m cash in Curro, mainly in support of its rights issue to fund further expansion.
PSG raised R267m in cash through the issue of 1,3m ordinary shares at R198 per share by means of a private placement in May 2015, and a further R2,2bn through the issue of 9m ordinary shares at R245 per share by means of a bookbuild in December 2015.
PSG borrowed R480m by increasing an existing redeemable preference share facility from R450m to R930m for a five-year term at a fixed nacm-rate of 8,325% p.a.
PSG invested R438m in cash in the Curro rights offer to fund further expansion.
Zeder successfully concluded the Capespan scheme of arrangement valued in excess of R500m by acquiring the remaining 25% interest held by minority shareholders other than Capespan management through the issue of Zeder shares.
Following the aforementioned Zeder share issue, PSG’s interest in Zeder diluted to 32%. PSG subsequently increased its shareholding to 34,6% at an average price of R5,78 per share for a cash consideration of R231m.
Invested R669m cash in the Curro rights offer to fund further expansion.
Acquired 19,2m PSG Konsult shares, representing an additional 1,5% equity interest, at an average price of R7,14 for a total cash consideration of R137m.
Concluded the Zeder management fee internalisation, whereby PSG exchanged its rights to the Zeder management agreement for the issue of 207,7m new Zeder shares, representing a 12% equity interest. All conditions precedent were satisfied during September 2016 and the implementation of the transaction finalised, with PSG’s shareholding in Zeder consequently increasing from 34,5% to 42,4%, having subsequently diluted to 42,1%.
Invested a further R134m in PSG Alpha’s portfolio of early-stage investments.