Imara Holdings (Botswana) HY 2012 financial results presentation

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Imara Holdings (Botswana) HY 2012 financial results presentation

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Imara Holdings (Botswana) HY 2012 financial results presentation

  1. 1. Group Profile January 2012
  2. 2. Mission Statement  “To be the leader in African wealth management by providing first class products and services to corporate, institutional and high net worth clients”. Page 1
  3. 3. Imara’s Presence Page 2
  4. 4. Overview  A Botswana listed Investment Banking Group with a regional network of offices.  Extensive Expertise in Africa - a pioneer in the development of African capital markets in the past twenty – five years.  Securities Trading  An active participant in region’s markets, strong research coverage of regional equities — In excess of US$285m of client funds under management and US$2.1 billion of client assets under administration.  Corporate Finance – raises capital and provides strategic advice for both large and small companies across Africa.  Investment Management – in excess of US$383 million invested in Africa and Globally for Institutional and Private Clients.  Independent with a wide shareholder base – significant management and staff stake. Page 3
  5. 5. Background  Formation of S P Reid (Pty) Ltd in SA 1938  Formation of Edwards & Co in Harare 1954  Stockbrokers Botswana and Botswana Stock Exchange est 1989  Acquisition by Robert Fleming UK of 50% of Edwards & Co 1994  Stockbrokers Malawi Ltd and Malawi Stock Exchange est 1996  Sale of Robert Fleming UK to JP Morgan 2000  MBO of Edwards & Co from JP Morgan 2002  Formation of Imara in Botswana 2002  Acquisition of S P Reid & Mackeurtan (Pty) Ltd in SA 2003  Acquisition of The Janus Corporation (Pty) Ltd in SA 2003  Acquisition of the Anglo African Global Fund : rebranded Imara Global Fund 2003  Launch of Asset Management businesses in Botswana & SA 2003  International Financial Services Centre status granted 2004  Acquisition of Rice Rinaldi broking book in SA 2004  MOU signed with Stockbrokers Zambia & Namibia Equity Brokers 2005  Launch of the Imara African Opportunities Fund (“IAOF”) 2005  Acquisition of interest in Imara Capital Zimbabwe 2006  Imara listed on OTC market of the Botswana Stock Exchange 2006  IAOF listed on Dublin Stock Exchange 2006  Imara listed on the VCM of the Botswana Stock Exchange 2006  IAOF registered and granted local asset status in Botswana 2006  Launch of the Imara Africa Series umbrella fund– sub funds included 2007  Nigeria Fund  Zimbabwe Fund  MOU signed with MacCapital Dubai 2007  Launch of Imara Africa Securities 2007  Imara Capital SA / Zingwenya BEE transaction 2007  Launch of the Imara East Africa Fund 2008  Launch of the Imara Equity Fund in SA 2008  Launch of Imara Trust Company (Mauritius) Limited 2008  MOU signed with Chapel Hill Denham in Nigeria 2008  Launch of the Imara African Resources Fund 2009  MOU signed with NIC Capital Limited in Kenya 2009  Launch of Imara Securities Angola SCVM in Luanda 2009  Acquisition of interest in Stockbrokers Zambia 2009  Imara Beresford International Limited (“IBI”) formed in Mauritius 2009  Acquisition of interest in Capital Securities (Pty) Limited in Botswana 2009  Imara Africa Securities becomes a division of Imara S P Reid in SA 2011  Stake in IBI increased to 35% 2011 Page 4
  6. 6. Our Core Services Leading Team  12 professionals-4 in Zimbabwe  Located in 3 Offices region-wide Corporate Finance  Mergers and Acquisitions  Strategic Advice  Corporate Restructuring  Privatisations  Private Equity Capital Markets  Equity Issues  Convertible Issues  Debt Issues Corporate FinanceAsset Management  12 professional investment managers, including 5 in our Zimbabwe associate, covering Africa as well as emerging and global markets.  US$384m under management including US$113.4m with our associate in Zimbabwe.  Private wealth management in South Africa and Botswana.  Imara Global Fund, Imara Africa Series & Imara African Opportunities Fund, registered in BVI, advised by FSA licensed Imara UK. Securities Trading Sales  54 sales/portfolio professionals, including 4 in Zimbabwe, covering the region Research  13 equity research analysts, including 2 in Zimbabwe, covering over 400 regional companies Trading  2 Prop Traders  2 Fund Managers  US$287m client funds under management  US$2.1 billion client assets under administration Page 5 Trust & Administration Team  19 professional/qualified Administrators & Accountants in Mauritius  Portfolio  Portfolio of over 400 companies, funds and trusts under management. Services  Trust & Asset Protection  Trust Accounting & Tax  Company Secretarial  Company incorporation, administration, tax & accounting  Fund set up, structuring, administration, NAV  Corporate directorship  Nominee shareholder services  QROPS
  7. 7. Asset Management Overview Page 6
  8. 8. Overview  Regional network of sub- Saharan offices  12 professional investment managers covering African and Global markets  Imara Global Fund  Imara African Opportunities Fund  Imara Africa Series – East Africa, Nigeria, Zimbabwe & African Resource Funds  US$384m under management  Full Trust & Administration service ex Mauritius  Imara Equity Fund SA  Imara International Managed Fund SA Regulated by: NBFIRA, Financial Services Board SA, Financial Services Authority UK, Reserve Bank of Zimbabwe and the Financial Services Commission in Mauritius. Johannesburg: Dave Eliot +27 11 550 6181 dave.eliot@imara.co Harare: John Legat +263 4 700 000 john.legat@imara.co UK: Jonathan Chew +44 7808 794034 jon.chew@imara.co Mauritius: Rajeev Sookur +230 464 9799 rajeev.sookur@imara.co SOUTH AFRICA MAURITIUS BOTSWANA ZIMBABWE SCOTLAND Page 7
  9. 9. Target Markets South Africa (FUM: US$105.4m)  Focus on high margin areas  Private client portfolio management  Unit Trust advisors - but not administrators  Bespoke products Imara Equity Fund SA (FUM: US$16.1m)  General equity mandate Botswana  Markets Imara Global Fund, Africa Series and African Opportunities Funds Region  Regional mandates Imara Global Fund (FUM: US$10,4m)  Absolute return mandate  Marketing Focus on Africa Imara Africa Series (FUM: US$54.34m)  Nigeria, East Africa, African Resources, Zimbabwe & Flame Lily Funds  Absolute return mandate Imara African Opportunities Fund (FUM:US$100m)  Absolute return mandate  Marketing Focus: Europe/USA Zimbabwe associate (FUM: US$113.4m)  One of the largest pension fund and private client managers  Focus on domestic investments  One International client mandate Page 8
  10. 10. Imara Global Fund NAV: US$19.22 (as at 30 12 11)  Actively managed with an absolute return mandate.  Holds cash in turbulent financial markets to protect capital.  Advised by Imara Asset Management UK Ltd which is licensed by the FSA Geographical BreakdownSector Breakdown Page 9 Fin Services 17% Industrials 4% Food 7% Media 3% Household 8% Tobacco 15% Retail & Leisure 14% Cash 9% Beverages 23% Asia ex Japan 3% USA 39% Switzerland 13% Eurozone 19% Cash 9% UK 17%
  11. 11. Imara African Opportunities NAV: US$12.47 (as at 30 12 11)  Strategy – long only, equities.  Return objective – absolute return over medium term, (i.e. no cash limits).  Investment horizon: 3-5 years.  Listed on the Dublin Stock Exchange.  Registered in Botswana.  Regional network of regulated offices (Botswana, Malawi, Mauritius, Namibia, Zambia, Zimbabwe, South Africa & United Kingdom) Geographical BreakdownSector Breakdown Target Markets: Egypt, Tunisia, Morocco, Ghana, Nigeria, Kenya, Malawi, Tanzania, Uganda, Mauritius, Namibia, Botswana, Zambia, West Africa Plus Weighting to contrarian recovery plays e.g. Zimbabwe, a watching brief over pre-frontier markets such as Algeria, Angola, Libya, Sudan But Minimal “regional exposure” to Africa (via SA, UK, Canada) or African exposure that is correlated to world markets e.g. Egypt, SA and duel listed mining and telecom stocks. Page 10 Nigeria, 19 Egypt, 3 Kenya, 15 Malawi, 3Zambia, 17 Resources, 3 Botswana, 8 Zimbabwe, 19 Mauritius, 5 Senegal, 3 Namibia, 3 Cash, 2 Cash 2% Banking 20% Agro Processing 8% Beverages 25% Conglomerate 10% Manufacturing 5% Tobacco 7% Others 23%
  12. 12. The Imara Africa Series  A BVI licensed umbrella structure established to focus on regions and countries.  Sub-funds:  Imara Nigeria Fund launched March 2007.  Imara Zimbabwe Fund launched March 2007.  Imara East Africa Fund launched January 2008.  Imara African Resources Fund launched January 2009. Page 11
  13. 13. Imara East Africa Fund NAV: US$8.07 (as at 30 12 11)  Launched January 2008.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years.  Strong local manager – ICEA Asset Management – first registered fund manager in Kenya in 1985. Geographical BreakdownSector Breakdown Target Markets: Kenya, Mauritius, Tanzania, Uganda plus DRC, Burundi, Ethiopia, Rwanda, Southern Sudan Page 12 Kenya 50% Rwanda 2% Uganda 12% Cash 9% Mauritius 27% Cash 9% Banking 36% Beverages 5% Construction 7% Others 17% Debenture 6% Media 9% Tobacco 11%
  14. 14. Imara Nigeria Fund NAV: US$7.46 (as at 30 12 11)  Launched March 2007.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years. Geographical BreakdownSector Breakdown To focus on the ‘next’ emerging market Page 13 Manufacturing 30% Net Cash 1% Beverages 30% Food 12% Banking 24% Telecoms 3% Nigeria, 93% Senegal, 3% Cash, 1% Ghana, 3%
  15. 15. Imara Zimbabwe Fund NAV: US$11.01 (as at 30 12 11)  Launched March 2007.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years. Sector Breakdown The world’s cheapest market. Managed by Imara’s Zimbabwe investment team. Page 14 Geographical Breakdown Others 16% Conglomerate 11% Manufacturing 12% Beverages 12% Agro- processing 15% Property 10% Net Cash 1% Retail 15% Telecoms 8% Cash 1% Canada 3% Zimbabwe 96%
  16. 16. Imara African Resources Fund NAV: US$17.28 (as at 30 12 11)  Launched January 2009.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years. Geographical BreakdownSector Breakdown Page 15 Coal 5% Energy 5% PGM's 7% Iron 11% Ferrous Metals 2% Cash 23% Copper 12% Agri 2% Gold 29% Others 4% Zambia 3% DRC 9% Cash 23% Botswana 5% Zimbabwe 19%Others 2% Mozambique 3% Burkina Faso 6% South Africa 30%
  17. 17. South Africa Performance Page 16 0.00 1000.00 2000.00 3000.00 4000.00 5000.00 6000.00 7000.00 8000.00 9000.00 10000.00 Jan03 Mar03 May03 Jul03 Sep03 Nov03 Jan04 Mar04 May04 Jul04 Sep04 Nov04 Jan05 Mar05 May05 Jul05 Sep05 Nov05 Jan06 Mar06 May06 Jul06 Sep06 Nov06 Jan07 Mar07 May07 Jul07 Sep07 Nov07 Jan08 Mar08 May08 Jul08 Sep08 Nov08 Jan09 Mar09 May09 Jul09 Sep09 Nov09 Jan10 Mar10 May10 Jul10 Sep10 Nov10 Jan11 Mar11 May11 Jul11 Sep11 Houseview Model Portfolio Houseview Equity Only ALSI 40 Cash
  18. 18. Imara Equity Fund – South Africa NAV: R126.73 (as at 31 12 11)  Launched May 2008.  South African general equity portfolio  Invest in financially sound equity securities, property shares property related securities and liquid assets.  Objective – high long-term capital growth  Investment horizon: 3-5 years. Asset Allocation Page 17 The Imara Equity Fund outperforms the JSE All Share Technology 4% Telecoms 2% Basic Materials 22% Cash & Money Market 4% Financials 21% Consumer Goods 15% Industrials 13% International Cash 2% Consumer Serivces 7% International Equity 5% Oil & Gas 5%
  19. 19. Imara Trust Company (Mauritius) Limited  Service offerings marketed to Imara’s African clients include:  Establishment of Trusts  Incorporation of offshore entities  Administration services  Opening and administering offshore bank accounts  Secure, tax efficient environment in Mauritius Page 18
  20. 20. Corporate Finance Overview Page 19
  21. 21. Overview  Active in African markets – executed over 200 transactions across 12 countries, with a combined transaction value in excess of US$10 billion;  Regional network of offices securing a premier position in sub-Saharan Africa.  Contacts: Africa: Rod Macleod +27 11 550 6006 rod.macleod@imara.co Gaborone: Dave Stone +267 318 8009 dave.stone@imara.co Johannesburg: Mike Burrell +27 11 550 6001 mike.burrell@imara.co Harare: Sean Gammon (associate) +263 4 701 320 sean.gammon@imara.co Dubai: Bob McMillen (representative) +971 4 449-6541 rwm@maccapital.ae SOUTH AFRICA BOTSWANA ZIMBABWE UAE Branch network •United Kingdom •Nigeria •Ghana •Guinea •Uganda •Kenya •Tanzania •Malawi •Zambia •Zimbabwe •Botswana •Swaziland •South Africa Execution experience Page 20
  22. 22. Core Services Category Services Sectors Capital Markets IPO’s Rights Offers and Claw Backs Underwriting Bond and Debt Issues Telecommunications, Banking, Real Estate, Mining and Metals, Financial Services, Food, Beverages and Manufacturing, Commercial Agriculture and Down Stream Processing (Tobacco, Sugar, Grains, Protein), Information Technology, Motor Industry, Industrial Holdings, Engineering, Marine, Logistics. M&A Origination and Research Valuations (including fair and reasonable opinions) Structuring Fund Raising Controlled Disposal Processes‘ Privatisation Pre-feasibility research Pathway determination Partnering agreements Trade sales and/or IPO’s Advisory Corporate restructurings and general strategic advice to enhance shareholder value Page 21
  23. 23. African credentials Page 22
  24. 24. African credentials Page 23
  25. 25. African credentials Page 24
  26. 26. African credentials Page 25
  27. 27. Securities Overview Page 26
  28. 28. Overview Overview SOUTH AFRICA BOTSWANA ANGOLA MALAWI ZAMBIA ZIMBABWE Windhoek- representative: Madelein Smith +264 61 25 6666 msmith@namibia-equities.com Zambia- associate: Charles Mate +260 1 227 303 cmate@stockbrokerszambia.com Blantyre- associate: Morton Gunsalu +265 1 822 803 morton@smlmw.com Gaborone – associate: Gregory Matsake +267 318 8886 gregory@capital.bw Africa: Simon Reid +27 11 550 6200 simon.reid@imara.co Angola: Anthony Lopes-Pinto +244 222 372 029 anthony.lopes-pinto@imara.co  54 Sales/Portfolio Professionals covering the region.  2 Prop traders covering South Africa.  1 Fund Manager  13 Equity Research Analysts covering over 400 Regional Companies. Office Network Page 27 Harare - associate: Tino Kambasha +263 4 790 091 tino.kambasha@imara.co Johannesburg: Justin Mackeurtan +27 11 550 6200 justin.mackeurtan@imara.co
  29. 29. Philosophy  Research driven  Research Capacity Located in Region (i.e. outside South Africa)  Selective Distribution; Client-Centred  Company Focused, Bottom-up  Research Orientated to Add Value to Clients;  Experienced & Professional Execution  Sales Trading Team with Considerable Experience;  Corporate Broker-of-Choice – in markets ex-South Africa. Page 28
  30. 30. South Africa  Established in 1938  29 experienced Sales/Portfolio Professionals & 2 Prop Traders  1 Fund Manager  6 Equity Analysts  US$287m client funds under management  US$2.1 billion client assets under management  Over 10 000 active clients Covering:  Large high net-worth Private Client base  General research of SA market and specialists in research of SME market and the property sector.  Derivatives  Institutional Clients  Custody, settlement and trading member fully approved by the JSE  Has a highly efficient back-office which offers specialist services  Strong and efficient on-line trading capability via the Imara.co web-site  On-line research updated daily Page 29
  31. 31. Interactive Website  Growing acceptance – in excess of 7 800 registered clients.  Depth of information – historical news, research, charts, pricing, full portfolio information.  On-line trading. Page 30
  32. 32. Africa  A “one stop shop” Broking service in Sub-Saharan equity markets excluding South Africa;  Multi-country dealing facility run as a division of Imara S P Reid ex Johannesburg, SA;  Utilise existing expertise and relationships with stockbrokers on the ground to provide macro and micro research capacity and up to date company information;  7 Equity Analysts;  4 Equity Dealers;  Countries currently serviced include :  Botswana, BRVM (Benin, Burkina Faso, Guinea Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo), Egypt, Ghana, Kenya, London AIM, Malawi, Mauritius, Morocco, Namibia, Nigeria, Tunisia, Toronto TSX, Uganda, Zambia and Zimbabwe. Page 31
  33. 33. Zimbabwe  Established in 1954  Recognised market leader with a 20% market share  4 experienced Equity Dealers  1 Treasury Dealer  2 Equity Analysts Covering:  Large Private Client book in excess of 25 000 clients  Strong Local and International Institutional client base  Extensive Macro and Micro Research  On-line research available daily  Efficient back office settlement and clearing Page 32
  34. 34. Strong in Regional Capital Market Development 1989 Adviser to the BDC for the formation of the BSE and Stockbrokers Botswana Ltd Botswana 1990 Adviser to the Reserve Bank of Swaziland regarding the regulatory framework for the Swaziland Stock Exchange Swaziland 1995 Adviser to the Reserve Bank of Malawi for the formation of the MSE and Stockbrokers Malawi Limited Malawi 2000 Adviser to the IFC regarding the regulatory framework for the Seychelles Stock Exchange Seychelles Page 33
  35. 35. Directors Page 34
  36. 36. Imara’s Board Michael Ndoro – Non Executive Chairman Mike is a director of Imara Capital Zimbabwe (Private) Limited, the Imara Africa Opportunities Fund and the Imara Africa Series Fund. He is currently the Managing Director of Interfoods (Pvt) Limited, Zimbabwe. After graduating with a degree in Agricultural Economics, Mr Ndoro spent a large part of his industrial career with the Coca- Cola Company of Southern Africa whom he joined in 1995, with responsibility for marketing within the region. In 2002, he was appointed by Coca- Cola as the managing director of Schweppes Zimbabwe. In 2004 he became Chief Executive of Tedco Limited a furniture company listed on the Zimbabwe Stock Exchange. In late 2004, he bought into Interfoods, a fruit and canning business. Mr Ndoro is currently a non-executive director of Seedco Limited and he has also served as a non-executive director of Interfresh Limited, both of which are listed on the Zimbabwe Stock Exchange. Mark Tunmer, BA LLB LDM - Chief Executive Officer Mark Tunmer has over 25 years of African broking and advisory experience and has personally been involved in numerous Sub-Saharan capital market transactions including listings, privatisations and rights issues. Mark advised the Botswana Government, the Reserve Bank of Malawi and the Swaziland Government on the establishment of their respective Stock Exchanges. He is a Director of the Malawi Stock Exchange and a past Chairman of the Zimbabwe Stock Exchange. He is a founder member of the African Stock Exchanges Association and is a past Deputy Chairman of that organisation. Adam Fleming – Non Executive Adam Fleming joined the investment bank, Robert Fleming in 1970. He worked for Jardine Fleming in the Far East in the 1970’s and joined Robert Fleming’s main board in 1985. He moved to South Africa in 1991 to open and expand the group’s offices in Southern Africa. Adam is a former Deputy Chairman of Robert Fleming Holdings and previously Chairman of Harmony Gold. He is currently Chairman of Witwatersrand Consolidated Gold Resources Limited. Gary Johns – Non Executive Gary Johns, a Botswana citizen, joined the banking industry in 1974. He worked in Zimbabwe for Standard Chartered Bank and ANZ Grindlays Bank before joining finance house UDC Limited in 1989 . Gary moved to Gaborone, Botswana in 1991 to manage the UDC business in Gaborone. In 2000 UDC Limited was merged into African Banking Corporation where he continued to manage the asset finance portfolio. In 2004 Gary left the bank to set up a private finance and insurance consultancy business. Page 35
  37. 37. Imara’s Board Günter Steffens, OBE – Non Executive Günter was for many years, the General Manager at Dresdner Bank AG in London and South Africa. Before joining Dresdner Bank he worked for international Banks in Montreal, Zurich and Paris. He is a past Chairman of the German-British Chamber of Industry & Commerce and of the Foreign Banks Association in London. Günter is also a non-executive director of various companies in South Africa and in Europe. T. Joe Matsau – Non Executive Joe Matsau - an entrepreneur with over 27 years of comprehensive experience in the areas of electric utility operations, sales and distribution and regional economic and social development. From 1979 to 1992, Joe served the L.N.D.C. and the L.E.C. as Investment Promotion Manager - Lesotho National Development Corporation (L.N.D.C.) and Managing Director and Chief Executive – Lesotho Electricity Corporation (L.E.C.). Joe joined Eskom in 1992 and after twelve years of service he retired in December 2004. At retirement he was Managing Director External Relations Division. Joe participated in the restructuring of the SA Electricity Supply Industry. He served on the teams formed by both Government and Eskom. He also served on the Executive Committee of the Union of Producers and Transporters of Electricity (UPDEA), a forty seven member organisation made up of African Electricity Utilities. John Legat, BA (Hons) Economics - Executive - Head of Asset Management John Legat heads up the Asset Management operations of the Imara Group. He is based in Zimbabwe where he is also the chief executive of Imara Asset Management Zimbabwe which he established in 1998. This business is currently one of the leading pension fund and private client asset managers in Zimbabwe. John has extensive global experience gained from his thirteen years at GT Asset Management (UK) Ltd where he specialised in European equities before joining the Global Emerging Markets team at GT in 1990. In 1995 he launched and managed the GT Africa Fund, one of the first mutual funds of its kind. He is the manager of the Imara African Opportunities Fund and the Imara Africa Series. Ann Mackeurtan – Executive – CEO Imara SP Reid - Country Head, South Africa In 1968, a year after matriculating from Roedean, Ann joined her Father Stanley Reid, in the family stockbroking business, which her Grandfather established in 1934. She was given the responsibility of running the back office and was involved in handling all the clients requirements. In 1974, Stanley Reid passed away tragically, and as a result Ann decided to write the Stock Exchange exams. On passing, she became the first woman member of the Johannesburg Stock Exchange, just one month after the first woman was admitted to Wall Street. In 1978, Ann became Managing Director of S.P. Reid and Mackeurtan, where she was responsible for looking after her clients' portfolios and for heading up the firm. Ann is currently CEO of Imara S.P. Reid (Pty) Ltd - a firm which has grown from 4 to 65 employees, and a growing client base which has expanded from from 100 to 10,200. Page 36
  38. 38. Imara’s Board Roderick MacLeod, BCom LLB CAIB (SA) HDip FMiI – Executive - Head of Corporate Finance Rod MacLeod is a Certified Associate of the Institute of Bankers. He joined Barclays Bank, being promoted to Barclays Merchant Bank in 1982 and then seconded to the London office in 1985. On his return to South Africa in 1988, Rod was appointed as Senior Advisor at FirstCorp dealing with M&A, MBO and private equity opportunities. In 1990, Rod joined AP&CI responsible for the Group’s acquisition growth strategy. He joined Janus as a director and shareholder in 1995. David Stone, BCom – Group Finance Director Dave Stone has over 15 years experience in the financial services sector at director and executive management level, primarily within the southern African region. During the past decade he has played a leading role in the expansion and consolidation of regional banking operations, initially for the udc Group of companies and latterly for African Banking Corporation, a Botswana listed banking group. Page 37
  39. 39. Divisional Executives Asset Management – South Africa David Eliot, BCom - CEO David Eliot joined Imara S.P. Reid in 2003 as a director in charge of Wealth Management – in 2004 he set up Imara Asset Management in SA where after he was appointed as Managing Director. Prior to that he was Deputy Managing Director and Chief Operating Officer of BoE Personal Stockbrokers (Pty) Ltd which was a split off from BoE Securities where David was a Director in charge of Private Client and Fund Management between 1996 and 2000. Between 1981 and 1996, he was Chief Investment Officer of First National Asset Management & Trust Company (Pty) Ltd. Lara Warburton, BCom (Hons) HDip Tax CFP® - Managing Director Lara joined the investment industry in 1993, working initially for Investec, then for RMB, where she left her position as a Director of the unit trust business to join RMB International for her final two years with the FirstRand group. She then became a partner in an independent financial advisory firm, providing home office services to high net worth families, where she spent six years prior to joining Imara in January 2010. Hannes Barnard, CFPTM N.H.D. Electrical Engineering Hannes Barnard prior to joining Imara in 2004, he spent 9 years in the broad investment and stockbroking industries as an independent financial advisor, the last five years as a Financial Services Board registered investment manager, managing his financial advisory and portfolio management business. Mark Cunningham, BCom, CFP® Mark Cunningham has spent the past 15 years in the Financial Planning Industry. He brings substantial experience in Employee Benefits, Individual Financial Planning and Personal Portfolio management. He has worked for organisations such as Liberty Life, Glenrand MIB and Nedbank before joining Imara. Page 38
  40. 40. Divisional Executives Asset Management UK Jonathan Chew, BSc – Africa Jon Chew graduated from Loughborough University with a BSc in Management Sciences. He worked as an investment analyst covering the Far East in the early 1980’s and then as a portfolio manager covering Asia ex-Japan with GT Asset Management from the mid 1980’s. In 1989 he became the CIO of Global Emerging Markets for GT. Between 1989 and 1997 Jon’s team was an active investor in most of the emerging markets around the world including Africa as they opened for foreign investment. From 1997 and the creation of Imara, he worked with John Legat managing a global emerging market Fund. Jon’s current focus is on the Imara African Opportunities Fund where he covers North and West Africa for the investment team, the top-down for the whole of Africa as well as the team’s marketing efforts outside of Africa. Evan Green, BCom – Global Evan Green commenced his career in March 1995 as Investment Manager at Syfrets Corporate And Merchant Bank. Between February 1997 and April 1998, he was Head of Research at Sagit Stockbrokers in Harare, moving to Fleming Martin Edwards Securities in June 1998 as Equity Analyst on the Industrial Holdings, Retail, Financial, Tobacco and Telecom sectors of the Zimbabwe Stock Exchange. In April 1999, Evan joined General Brokerage (Flemings Mauritius) as General Manager before being transferred to JP Morgan (South Africa - formerly Fleming Martin) in April 2000 as Senior Equity Analyst covering the diversified Industrials and Packaging sectors on the JSE. Between July 2001 and October 2001, Evan was a consulting Analyst to the Luxury Goods and Apparel Retail Sectors with JP Morgan (London). Evan joined Imara in 2003. Bruce Williamson, Higher National Diploma (Metalliferous Mining), B. Com (Accounts and Economics) - Resources Bruce is a member of the South African Institute of Stockbrokers and the Investment Analyst’s Society. He worked for Stockbrokers Ed Hern, Rudolph for 4 years, JD Anderson & Co / SBC Warburg for 13 years and ABN AMRO Securities for 3 years. He was also rated No 1 gold analyst in 1992 by the Financial Mail. He has a good understanding and knowledge of the South African mining industry (especially gold/platinum) with wide spread mining and institutional contacts. Page 39
  41. 41. Divisional Executives Securities - South Africa Neil Burnett, BCom Neil Burnett joined Barclays in 1976 after graduating from the University of Natal. He has the Institute of Bankers in SA’s Diploma, is a member of the JSE, has passed the JSE Compliance Officer Exam and is currently Imara SP Reid’s Compliance Officer. Neil was previously a partner of both stockbrokers Mennell Jack Hyman Rosenberg & Co (Pty) Ltd. and Rice Rinaldi and Co. He joined SP Reid & Mackeurtan (Pty) Ltd as a director in 1985. Justin Mackeurtan, BA (Hons) Justin Mackeurtan completed his A level examinations at Eton, going on to do BA (Hons) Financial Services degree at the University of the West of England. He joined SP Reid full time in August 1996. He has passed his Johannesburg Stock Exchange Stock Broking, Settlement Officer and Compliance Officer Exams. He is currently a director of Imara SP Reid and responsible for administration. Guy Algeo, BCom Guy Algeo began his career with Alexander Forbes and thereafter joined BoE Personal Stockbrokers where he held a directorship for three years. In February 2003 he joined Imara SP Reid. Guy has extensive experience in all areas of investment management and has focused on the implementation of business systems. After establishing online share trading systems at Imara SP Reid, his responsibilities shifted to building the derivatives division which he now heads up. Corporate Finance Mike Burrell, CA, Hons. BCompt – Head of Corporate Finance, South Africa Mike was previously an executive director of the New Republic Bank and also held senior positions at Mercantile Bank. He holds a Diploma in Advanced Banking. Mike joined Imara after being self-employed for a number of years and has been involved in numerous corporate finance and investment banking transactions, both from a listed and an un-listed perspective in South Africa. Page 40
  42. 42. Divisional Executives Securities – Africa Brian Mugabe – Head of Research Africa (ex South Africa) Brian recently rejoined the Imara Group from Securities Africa where he was Managing Director and Head of Research. He has over 9 years of corporate and investment analysis experience, of which the past four years have been augmented by equity broking experience across the African continent. In his most recent brief at Securities Africa he successfully set up the Johannesburg office of Securities Africa and was instrumental in the development of its pan-African research and broking capabilities, as well as the broadening of its client base. Prior to joining Securities Africa in 2005, he was Head of Research at Imara Edwards Securities (Zimbabwe), where he was in charge of the research department of the company, covering all the listed Zimbabwean equities, as well as that of Stockbrokers Malawi, which has a management agreement to outsource its research to Imara Edwards Securities. In this capacity he covered all the listed equities on the Malawi Stock Exchange. He had joined Imara Edwards Securities from the Tetrad Group of Companies, where he was Head of Research and Risk and ALCO Officer for the group. Brian holds a Bachelor of Commerce degree majoring in accounting from Rhodes University in Grahamstown, South Africa, as well as a Certificate in Investment Analysis and Portfolio Management from the University of South Africa. Simon Reid – Head of Imara Africa Securities Simon entered the financial services industry in 1992, gaining experience as a dealer and trader at Irish Menell Rosenberg Inc., Frankel Pollack Vinderine and Simpson McKie Inc. He subsequently became head trader responsible for institutional business at Fleming Martin Edwards (Zimbabwe) in Harare, later transferring to South Africa to take up similar responsibilities at the company’s Johannesburg office. Page 41

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