“Our Supportâ€‌ - Letshego ... Windhoek, Namibia (P.O. Box 11600, Windhoek, Namibia)...

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Transcript of “Our Supportâ€‌ - Letshego ... Windhoek, Namibia (P.O. Box 11600, Windhoek, Namibia)...

  • PROSPECTUS 2017

    “Our Support”

  • 1

    Prepared and issued in terms of the provisions of the Companies Act, 2004 (Act 28 of 2004), as amended, and the Listings Requirements of the Namibian Stock Exchange (“the NSX”) and relating to the

    Public Offer of LHN shares for sale of:

    • a maximum of 100,000,000 existing ordinary shares sold by existing shareholders at an Offer price of 470 cents per share to members of the general public in terms of a Public Offer, thereby selling LHN shares to the value of N$ 470 million (“the Public Offer”); [18] and

    • the subsequent listing of all of LHN’s issued ordinary share capital on the NSX.

    Opening date of the Public Offer at 09:00 on 25 August 2017 Closing date of the Public Offer at 12:00 on [19] 22 September 2017 Anticipated listing date on the NSX on 28 September 2017

    This Prospectus complies with the Companies Act and the Listings Requirements for the purpose of providing information to the applicants about the Public Offer by the current shareholders of LHN. In respect of the Public Offer only, this Prospectus is an invitation to the public to apply to purchase such shares from the current shareholders in LHN.

    Following a Share Split, the authorised share capital of LHN comprises 500,000,000 [five hundred million] ordinary shares with a par value of N$ 0.00020 per share. The issued ordinary share capital of LHN currently comprises 500,000,000 [five hundred million] ordinary shares with a par value of N$ 0.00020 per share and, after the Public Offer, shall remain unchanged.

    The 100,000,000 ordinary shares offered in terms of the Public Offer rank pari passu with all other ordinary shares issued by LHN.

    Subject to the required spread of shareholders being obtained in terms of the Listings Requirements, the NSX has granted LHN a listing on the NSX under the abbreviated name “Letshego Holdings Namibia”, share code “LHN” and ISIN NA000A2DVV41, with effect from the start of trade on 28 September 2017.

    The Directors of LHN accept, collectively and individually, full responsibility for the accuracy of the information contained herein and certify that, to the best of their knowledge and belief, there are no omissions of facts or considerations which would make any statements of fact or opinion contained in this Prospectus false or misleading, that all reasonable enquiries to ascertain such facts have been made and that this Prospectus contains all information required by law and the Listings Requirements.

    PricewaterhouseCoopers, whose reports are included in this Prospectus, have given and have not, prior to registration of this Prospectus, withdrawn their written consent to the inclusion of their reports in the form and context in which they appear. The sponsor, advisor, legal advisor and transfer secretary, whose names are included in this Prospectus, have given and have not, prior to registration, withdrawn their written consents to the inclusion of their names in the capacities stated and, where applicable, to their reports being included in this Prospectus.

    A copy of this Prospectus, accompanied by the documents referred to in paragraph 39, was registered by the Registrar of Companies on 14 August 2017 in terms of section 151(1) of the Namibian Companies Act.

    An abridged version of this Prospectus will be published on the Namibian Exchange News Services (“NENS”) of the NSX and in the Namibian press on 25 August 2017 and on or about 28 August 2017, respectively.

    LETSHEGO HOLDINGS (NAMIBIA) LIMITED (INCORPORATED IN THE REPUBLIC OF NAMIBIA)

    (REGISTRATION NUMBER 2016/0145) (DATE OF REGISTRATION: 24 FEBRUARY 2016)

    SHARE CODE: LHN ISIN: NA000A2DVV41 (“LHN” OR “THE COMPANY”)

    PROSPECTUS

  • Letshego Holdings (Namibia) Limited | Prospectus 2017

    2

    ADVISORS LOGOS

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    SECRETARY AND REGISTERED ADDRESS [5] Bonsai Family Trust t/a Bonsai Secretarial Compliance Services Registration Number T331/2003 Shop 48, Second Floor Old Power Station Complex Armstrong Street Windhoek, Namibia (P.O. Box 90757, Windhoek, Namibia) Telephone: (+264) 61 305 072

    CORPORATE INFORMATION [1(1), 1(2), 3, 4, 5]

    ADVISOR IJG Advisory Services (Pty) Ltd Registration number 2008/0336 First Floor Heritage Square 100 Robert Mugabe Avenue Windhoek, Namibia (P.O. Box 186, Windhoek, Namibia) Telephone: (+264) 61 383 500 Facsimile: (+264) 61 304 671

    SPONSORING BROKER IJG Securities (Pty) Ltd Member of the NSX Registration number 95/505 First Floor Heritage Square 100 Robert Mugabe Avenue Windhoek, Namibia (P.O. Box 186, Windhoek, Namibia) Telephone: (+264) 61 383 500 Facsimile: (+264) 61 304 671

    LETSHEGO HOLDINGS (NAMIBIA) LIMITED Registration number 2016/0145 1st Floor, Letshego Place 18 Schwerinsburg Windhoek, Namibia (P.O. Box 11600, Windhoek, Namibia) Telephone: (+264) 61 321 6600

    HOLDING COMPANY [1(2)] Letshego Holdings Limited Registration number 98/442 Letshego Place 22 Khama Crescent Gaborone, Botswana (P.O. Box 294, Gaborone, Botswana) Telephone: (+267) 364 3000

    PUBLIC RELATIONS & COMMUNICATIONS ADVISORS Hotwire (Pty) Ltd Registration number CO.2005/3888 Plot 144, Unit 2 Mountain View Office Park Gaborone, Botswana (P.O. Box 26374, Gaborone, Botswana) Telephone: (+267) 392 3579

    TRANSFER SECRETARIES Transfer Secretaries (Pty) Limited Registration Number 93/713 Robert Mugabe Ave No 4 (Entrance from Burg Street) Windhoek, Namibia (P.O. Box 2401, Windhoek, Namibia) Telephone: (+264) 61 227 647 E-mail: ts@nsx.com.na

    LEGAL PRACTITIONERS [4] Koep and Partners 33 Schanzen Road Windhoek, Namibia (P.O. Box 3516, Windhoek, Namibia) Telephone: (+264) 61 382 800 Facsimile: (+264) 61 382 888

    AUDITORS AND REPORTING ACCOUNTANTS [3] PricewaterhouseCoopers Registered Accountants and Auditors Practice Number 9406 344 Independence Avenue Windhoek, Namibia (P O Box 1571, Windhoek, Namibia) Telephone: (+264) 61 284 1000 Facsimile: (+264) 61 284 1001

    BANKER [4] Letshego Bank (Namibia) Limited Registration number 97/373 1st Floor, Letshego Place 18 Schwerinsburg Windhoek, Namibia (P.O. Box 11600, Windhoek, Namibia) Telephone: (+264) 61 321 6600

    BANKER [4] First National Bank Namibia Registration number 2002/0180 1st Floor, Parkside Building, 130 Independence Avenue Windhoek, Namibia (Private Bag 13239, Windhoek, Namibia) Telephone: (+264) 61 299 2111

  • Letshego Holdings (Namibia) Limited | Prospectus 2017

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    CORPORATE INFORMATION 3

    SALIENT FEATURES A. Incorporation and History [1(1), 1(2), 6(4)] 6 B. Overview of LHN and Subsidiaries [6] 6 C. The Public Offer [6(6), 18, 19] 6 D. Listing on the NSX [23] 8 E. Extracts from Consolidated Audited Historical Financial Information, 8 Unaudited Aggregated Income Statement and Forecast Financial Information [6(6)] SALIENT DATES AND TIMES 10

    DEFINITIONS AND INTERPRETATIONS 11

    PROSPECTUS 1. Incorporation and History [1(1), 6(1)(a), 6(1)(b), 6(1)(d), 6(2), 6(5)(a)] 16 2. Letshego Group Namibia – Timeline 17 3. State of Affairs and Overview of Letshego Holdings Namibia [1(2), 6(1)(a), 6(1)(b), 6(2), 6(4), 6(5)(a)] 17 4. Overview of the Governance Structure of Letshego Group Namibia [2(1)] 20 5. Overview of Letshego Group Namibia Product Solutions 24 6. Overview of Letshego Bank Namibia 26 7. Overview of Letshego Micro Financial Services Namibia 28 8. Social Impact of LGN 29 9. Overview of Letshego Group 32 10. PDN Profile of LHN – Economic Empowerment 33 11. Prospects [6(9)] 34 12. Risks 36 13. Major and Controlling Shareholders and Shareholder Spread 37 14. Directors and Management [2(1), 2(2), 2(3), 2(5), 15, 16(2), 17(1), 17(3)] 38 15. Share Capital of the Company and Dividends [6(1)(b), 6(1)(c), 6(6)(d), 8(a), 8(c), 8(d), 9, 20(1)] 46 16. Historical Financial Information [6(6)] 46 17. Forecast Financial Information 47 18. The Public Offer [7, 8, 14, 18, 19, 21(1)] 47 19. Listing on the NSX [23] 50 20. Report by Directors as to Material Changes [31] 50 21. Material Commitments, Lease Payments and Contingent Liabilities [9(1)] 51 22. Loans and Borrowing Powers [2(5), 9, 21(2)] 51 23. Property and Subsidiaries Acquired or to be Acquired [6(7), 6(8), 12] 51 24. Shares Issued or to be Issued Otherwise than for Cash [11] 51 25. Principal Immovable Property Owned or Leased [6(3)] 52 26. Details of Subsidiaries [6(1), 6(2)] 52 27. Statement as to Adequacy of Capital [22] 52 28. Material Contracts [16(1), 16(2)] 52 29. Government Protection and Investment Encouragement Law 53 30. Options and Preferential Rights in Respect of Shares [10] 53 31. Litigation 53 32. Exchange Control Regulations 53 33. Code of Corporate Practice and Conduct 54 34. Amounts Paid or Payable to Promoters and Other Interests [13, 14, 21(1)] 54 35. Advisors’ Consents 54 36. Preliminary Expenses and Issue Expenses (Listing Fees) [15, 21(1)(b)] 54 37. Directors’ Responsibility Statement and Statement as to Listing on Stock Exchange 55 38. Related Parties [6(6), 17(3)] 55 39. Documents Available for Inspection 56 40. Paragraphs of Schedule 3 of the Namibian Companies Act which are Not Applicable [50] 56

    CONTENTS

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    Annexure 1 Salient Features of LHN and Subsidiaries 58

    Annexure 2 Audited Consolidated Historical Financial Information of Letshego Holdings Namibia and its Subsidiaries