Executive Summary
Blackstar Group plc (formerly Blackstar Investors) participates in Black Economic Empowerment (BEE) investment opportunities in South Africa. Blackstar Managers is an offshore management company headed by Andrew Bonamour who has a successful track record of investment in South African companies. The South African Government has adopted a strategy of economic transformation through Black Economic Empowerment under which companies in South Africa have to adopt a BEE ownership participation in order to avoid becoming increasingly marginalised. The transfer of ownership is typically undertaken using special purpose investment companies and the Directors believe that this has created an attractive opportunity for investment in such companies. BEE transactions are often characterised by a prescribed selling process within a defined time period resulting in a large number of investment opportunities becoming available to only a limited number of largely under-funded investors. This imbalance has provided an opportunity for the providers of capital to obtain attractive investment terms.
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