Investment Successes

NATURE OF BUSINESS

From its inception in the late 1990’s Sasani Limited was the premier facilities supplier to the South African film and TV industry, covering all aspects of the production of film and television. James Whitehouse was appointed CEO in June 2002 when the share was trading in a range from 40 – 50c. After a successful turnaround and repositioning, he initiated and led a buy-out in September 2005 for which shareholders received R2.07 per share.
In addition to the provision of facilities, Sasani lead the development of the DTI’s film rebate program and invested in several films in its own right. One of its most acclaimed achievements was the total overhaul of the secondary education system in Ethiopia where Sasani was responsible for the implementation of a video based satellite education system and the production of more than 3000 30-minute educational videos.

BRIEF DESCRIPTION OF THE TRANSACTION

100% of the shares were acquired for cash with a substantial portion of the consideration being raised as debt and provided by ABSA Bank.

PROGRESS SINCE HIGHSTREET CAPITAL INVOLVEMENT

The Sasani group was delisted after the acquisition in May 2005 and the majority of the business were sold to eTV in early 2008.  The remaining businesses were sold piecemeal over the following 3 years.