October 2007

Spirit Capital Investments

We are currently in the final stages of concluding 2 further private equity transactions:

The first is the acquisition of a majority interest in a chemicals manufacturing / distribution business and requires the approval of the Competition Commission in order to be implemented.

The second involves the acquisition of a minority interest in a business that provides office automation, communication and stationery products and solutions throughout South Africa.

We look forward to announcing the successful conclusion of both transactions in the near term.


Corporate Advisory Transactions

Acquisition of Lecol by SAB

Spirit Capital, corporate advisors to Kraft Foods South Africa (Pty) Ltd, are pleased to announce that The South African Breweries Limited has acquired the business operations of Lecol from Kraft.

Lecol, a well-known brand in the South African market, manufactures and distributes cordial, squash and concentrated beverage products. SAB, through its Amalgamated Beverages Division, is South Africa's largest manufacturer and distributor of carbonated and non-carbonated beverages, and will house and distribute the Lecol brand alongside its Appletiser brand.

The transaction terms remain confidential.


R119m Investment by Imara Energy Resources in IPSA

Spirit Capital has successfully negotiated and structured approximately R119m of equity funding to enable Market Demand Trading 456 (Pty) Ltd trading as Imara Energy Resources to acquire the rights to 13,434,612 shares in AltX listed IPSA Group Plc.

The transaction, announced on Sens on 30 August, results in an effective 15% interest in IPSA.


The Foul Hook

Spirit Capital launched the Foul Hook on 1 October 2006. The Foul Hook is an overseas trip to a destination of your choice, awarded when a transaction which you referred to us is successfully completed.

It is with great pleasure that we announce the following winners of a Foul Hook: Mike Sage and Vlad Dushmanitch, who referred the Lecol transaction to us.

We would like to thank them for the referral and look forward to celebrating with them and their team. We'll let you know where we end up traveling.


Best Regards,
Team Spirit

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Telephone: +27 (0)10 591 3293