STRATEGIES FOR TRANSFORMATION SUCCESS. Ownership in AgriBEE
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1 STRATEGIES FOR TRANSFORMATION SUCCESS Ownership in AgriBEE
2 Murray Chabant - Bio Murray is a CA(SA) with extensive experience in BBBEE compliance, empowerment transactions and business strategy. Growing up on a farm in the Transvaal, he has always maintained an interest in the agri-sector. He is CEO of Signa Advisors, an accredited director of Sirdar South Africa, non-executive chairman on the board of Corruseal a large packaging company, and Chairman of Alula Water an infrastrucute development company in industrial and waste water treatment.
3 KEY QUESTIONS ABOUT BEE OWNERSHIP
4 Key questions Do I need it to stay in business? How much is enough? Do I give or sell equity? What are the risks? What s the best way to go about it?
5 AGRI-BEE SECTOR CODE Draft released for public comment
6 Agri-BEE OBJECTIVES - achieving a substantial change in the racial composition of ownership and management structures and in the skilled occupations of existing and new Enterprises; - empowering rural and local communities by enabling access to economic activities, land, infrastructure, ownership and skills; - De-racialising land and Enterprise ownership, control, skilled occupations and management of existing and new agricultural Enterprises; - Socially uplifting and restoring the dignity of Black South Africans within the Sector;
7 GENERIC OWNERSHIP Weighting Points Compliance Target 2.1 Exercisable Voting rights in the hands of the following black people: Black People 4 25% Black Women 2 10% 2.2 Economic interest in the hands of the following black people: Black People 4 25% Black Women 2 10% Economic Interest of the following black natural people (broad-based groupings) in the Enterprise: - black designated groups; - black Participants in Employee Ownership Schemes; - black beneficiaries of Broad based Ownership Schemes; or - black Participants in Co-operatives 2.3 Realisation Points: 3 4% New Entrants 2 2% Net Value 8 25% TOTAL 25
8 Agri-BEE 6.1. OWNERSHIP Agri-Industry undertakes to: (a) Further Black participation through ownership in the Agri-Industry by increasing the level of entitlement of Black People to participate in the Economic Interest and Exercisable Voting Rights in existing and new Enterprises. This includes the sale of equity in a Measured Enterprise, sale of assets through Qualifying Transactions and/or through share equity schemes and other forms of joint ventures with farm labourers and other Black entrepreneurs;
9 How much equity? 4% 10% 26% 51%
10 Ownership solutions 1. Sale of equity 2. Sale of assets 3. Share equity scheme
11 Issue of shares Up to 25 points Existing Shareholders Dilutes to 74% BEE Shareholders Subscribes for 26% Loan Issue 26% to BEE shareholder Farming / Agri operations Company provides finance to BEE shareholder S44 COSACT financial assistance
12 Sale of shares Sell 26% to BEE shareholder Up to 25 points Existing Shareholders BEE Shareholders 74% 26% Company provides finance to BEE shareholder S44 COSACT financial assistance Farming / Agri operations
13 Modified Flow Through Angel Investor BEE Shareholders Existing Shareholders 49% 51% SPV Max 21 points 74% 26% Apply Modified Flow Through Farming / Agri operations
14 Modified Flow Through BEE Shareholders Existing Shareholders 49% 51% SPV Max 21 points 74% 26% Apply Modified Flow Through Farming / Agri operations
15 The leveraged buy-out Existing Shareholders 100% 74% BEE Shareholders Up to 25 points 26% Existing Company Bank New Company Loan Sale
16 Sale of assets For once empowered, always empowered recognition: The transaction must ultimately result in: 1. the creation of sustainable businesses or business opportunities for Black People; and 2. the transfer of specialised skills or productive capacity to Black People; and 3. it must not result in unnecessary job-losses; 4. it must involve a separate Associated Enterprise which has: no unreasonable limitations with respect to its clients or customers; clients, customers or suppliers other than the Enterprise with which the Qualifying Transaction was undertaken; and no operational outsourcing arrangements with the initiating Enterprise that were not concluded at arms-length on a fair and reasonable basis.
17 Sale of assets BEE Shareholder Farming / Agri Company 51% 49% Separately identifiable business Provide ESD support: Loan, Guarantees, Discounts, Preferential finance rates, Mentorship Sale of Asset Non-core assets
18 Sale of assets Equivalent % of Black ownership BEE Shareholder Farming / Agri Company To meet its Empowerment Finance requirements, Bank lends at preferential rates to Newco to support asset based finance transactional requirements AND lends to Black Industrialist BI lending up to R75m 51% Separately identifiable business 49% Asset previously 100% owned Bank Empowerment Finance lending Sale of asset Asset, Equity Instrument or Business
19 Private equity share scheme 93. Private Equity Fund means a third party fund through which investments are made on behalf of the actual owner of the funds pursuant to a mandate given by that person to the private equity fund;
20 Private equity fund Private Equity Fund Shareholders in Measured Entity BEE Shareholder 49% SPV 51% PEF and ESD work together to develop a sustainable and growing suppler to the ME 1. ED Loan 2. SD loan 3. Skills transfer Supplier / Enterprise 51% Investment 51% Investment Farming / Agri operations ESD / Skills Procure goods
21 RISKS
22
23 The classic fronting ownership structure Existing Shareholders 74% New Black Shareholders 100% Existing Company 26% New Company Marketing Agreement
24 The danger of JV s Existing Company Black Owned Company 49% participant in JV 51% participant in JV Full operations Limited to no operations New Company JV BEE certificate Customer
25 BEE Act S20 Offences A person is guilty of an offence if that person knowingly - misrepresents or attempts to misrepresent the B-BBEE status of an enterprise; provides false information to Verification professional / any organ of state. A BEE Verification professional or any procurement officer or other official of an organ of state or public entity who becomes aware of fronting and fails to report is guilty of an offence. Any person convicted of an offence is liable:- to a fine or imprisonment for a period not exceeding 10 years or both; in the case of an enterprise, to a fine of 10% of annual turnover. Any person and/or entity convicted of an offence shall be banned from transacting with any public entity, and shall be entered into the National Treasury register of tender defaulters.
26 A thought on Ownership Do it ONCE Get PAID for the shares Global best practice = sell shares to Employees Employee owned companies outperform their non-employee owned competitors
27
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