June 2007

Spirit Capital Investments

First Round Private Equity Capital Raising

Spirit Capital was established in 2002 as a niche corporate advisory boutique providing specialist "merger and acquisition" advice to listed and privately owned companies.

In 2006, Spirit Capital took a strategic decision to expand its business focus beyond corporate advisory services into proprietary listed and private equity investments, thereby maximising its value creating opportunities.

Spirit Capital completed a first round fund raising for its private equity initiative in April 2007.

Spirit Capital's private equity investment philosophy is to co-invest with proven management who have a material interest in the business. Spirit Capital takes an active involvement in the strategic direction of the company and implements incentive-based structures to encourage management to build sustainable value.

Thembeka Capital Acquires a 26% Interest in Spirit Capital

Thembeka Capital is a black owned and controlled investment company that focuses on private equity investments and BEE transactions. It includes in its investment portfolio interests in Capitec Bank, PSG Group and DataPro. Thembeka Capital acquired a 26% interest in Spirit Capital effective April 2007.

Acquisition of Big Box Containers

The Directors of Spirit Capital are pleased to announce the acquisition of a majority interest in Big Box Containers. Big Box Containers hires and sells new, refurbished, specialised and customised shipping containers throughout South Africa.

Kevin Homann, director of Spirit Capital, said "We feel that the business has excellent growth prospects. The applications for these containers are vast, including housing, refrigeration, schooling and temporary accommodation and storage. The applications are a perfect solution to Africa's infrastructure requirements. Their usage provides an environmentally friendly solution to the ever increasing stockpile of used steel containers worldwide. The investment case is a compelling one."

Increase in Effective Interest in Cerebos Limited

Spirit Capital has increased its effective interest in Cerebos Limited from 4.4% to 11.73%. The primary business of Cerebos is the production and supply of pure vacuum dried and solar salt for the pharmaceutical, industrial and food manufacturing industries. It has user rights to the Cerebos and Saxa trademarks and owns the Buffalo, Salnova and Salago brands, amongst others. Cerebos is recognised as South Africa's leading premium grade salt producer.

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 concluded.

We have received a number of fantastic referrals which have led to mandates which are currently being implemented. As a result a "mini" Foul Hook has been scheduled for 8 people later in the year. We can't wait for the mandates to close so that we can deliver on a full-blown Foul Hook to Scotland, Monte Carlo, Mozambique...

Keep the referrals coming!

Best Regards,
Team Spirit

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Telephone: +27 (0)10 591 3293