Blackstar is an AIM listed investor in South African black economic empowerment (BEE) opportunities.
- Sub-Saharan investment has come under the spotlight recently with the closure of New Star’s Heart of Africa fund, citing redemptions and lack of market liquidity.
- According to interim statement back in September 2008, despite volatility, Blackstar’s portfolio has "performed remarkably well, achieving a slight increase in the net asset value per share from 133p to 134p. Net assets rose to £101.3 million from £100.3 million. This has largely been on the back of strong performances from Mvela Resources and DCD-Dorbyl. The most significant transaction during the period under review was the disposal of half of Blackstar’s interest in York Timbers for £13 million, realising a profit of £6.8 million".
- The fund recently completed the disposal of its effective 17% shareholding in DCD-Dorbyl (Pty) Ltd for ZAR192 million. Blackstar originally invested in DCD back in March 2007 when it injected £4.8 million into the business as part of a leveraged buy-out backed by Investec Private Equity. DCD supplies products and services to the rail transport, heavy engineering and marine ship repair and off-shore oil industries.
- For further details, here's the 2007 annual report and the June 2008 interim statement
http://www.blackstar.lu/press/Blackstar%20Annual%20Report%202007.pdf
