EPE Capital is focused on unlocking value from its remaining exposure to Optasia, which listed on the JSE last November.
Yvonne Stillhart, chairperson of EPE Capital, said on Wednesday that, after Optasia, the company would focus on winding down Ethos Capital.
“The immediate priority is to optimise an orderly realisation of the remaining exposure to Optasia. Once this has been achieved and the resulting proceeds are returned to shareholders, the focus will shift fully to the orderly wind-down of Ethos Capital, its delisting and, ultimately, the dissolution of the company,” said Stillhart.
EPE Capital Partners Ltd is an investment holding company that historically invested directly in funds or co-investments managed by Ethos Management Company. This provided EPE Capital with indirect exposure to a portfolio of unlisted and listed private-equity-type investments.
Since November 2023, the company has focused on monetising its asset base, having “assessed a variety of options to maximise and expedite the return of capital and value” to Ethos Capital shareholders.
It resolved to unbundle Ethos Capital’s Brait shares and Brait bonds to its shareholders in July 2024 and December 2025, respectively, and subsequently implemented share repurchases.
“During the past year ended 30 June 2026, the board continued to drive the optimisation strategy, and there were some notable realisation events, as well as a return of capital and value to shareholders,” said EPE Capital.
During the period under review, EPE concluded the Optasia IPO on the JSE, placing 342.4 million shares at a price of R19.00 per share. As part of the IPO, the Ethos Optasia Consortium SPV sold 26.4% of its shares and retained an effective 4.5% holding in Optasia, while realising R360 million in gross proceeds.
The distribution following the unbundling of the Brait bonds to Ethos Capital shareholders was completed on 8 December 2025 at an implied value of R0.67 per Ethos Capital share and a total value of R171m. Furthermore, the company’s residual-asset sale closed at an effective price of R660m, including R20m from an earn-out received on the sale of the Vertice business.
After completion of the residual-assets transaction, Ethos Capital’s portfolio consisted of its remaining exposure to Optasia-listed shares, which “remain subject to an orderly market agreement with the bookrunners” until 5 November 2026.
In the year to June, EPE received R1.14 billion in aggregate proceeds. The company concluded a pro rata share repurchase on 9 March 2026, with the final repurchase consideration of R854.1m representing 41.5% of the issued share capital before the repurchase.
The value distributed to shareholders in the 2026 financial year amounted to R1.03bn, while all outstanding debt in Ethos Capital was fully repaid during the year ended 30 June.
Earlier this month, Optasia said its first-half 2026 revenue had increased by 58% to $185.3m, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) had increased by 45% to $77.9m.
The group's Micro Financing Solutions business was the primary growth driver, with revenue increasing by 84% and representing 72% of group revenue during the period under review.
Stillhart said EPE Capital was preparing for the eventual dissolution of the company, although the board continued to work on reducing operating costs where possible.
“Shareholders do, however, need to be mindful that the cost base cannot be reduced completely on a pro rata value basis, as there are still ongoing listing and governance requirements. Until the final stages of the wind-down, Ethos Capital remains a listed company and must therefore continue to meet the full regulatory, governance, financial reporting and other requirements that come with a JSE listing,” explained Stillhart.
THE NATIONAL