Outgoing directors of pan African bank, BancABC, Doug Munatsi, Group Chief Executive, Beki Moyo, Group Chief Financial Officer as well as Chief Operational Officer, Francis Dzanya have reportedly agreed to sell their shares to the owners, Atlas Mara.
Munatsi, Moyo and Dzanya received a total of 1,743,888 Atlas Mara shares in consideration for the transfer of their shares in ABC Holdings at the time of the completion of the BancABC acquisition earlier this year.
It has since emerged that in connection with their separation with the bank, Atlas Mara has agreed to purchase their shares at a price of $10 per share.
Atlas Mara’s total number of ordinary shares immediately prior to the purchase was 72,458,524. Following the purchase, Atlas Mara holds 1,743,888 ordinary shares as treasury shares and therefore the total number of voting rights in Atlas Mara is 70,714,636.
The new owners confirmed in a statement this week that the trio together with chairman of the board, Howard Buttery will step down from their roles at BancABC at the end of the year.
John Vitalo, CEO of Atlas Mara, has been appointed as Interim Chairman, subject to regulatory approval, and Bradford Gibbs, a member of the Atlas Mara Executive Committee, has also joined the Board of BancABC.
Meanwhile the group has announced the appointment of Zimbabwean born, Simbarashe Ronald Pfende, as the new CEO.
Pfende will be supported by Makhosi Boyede and Amelia Reynecke, who have been appointed as Co-COOs, and Christine Bronkhorst, who has been appointed as CFO.
The latest transaction follows the September one in which Atlas Mara had closed its acquisitions of BancABC and African Development Corporation (ADC), which stroke its beneficial shareholding to almost 100 percent.
Following its $325 million IPO in December 2013, Atlas Mara has obtained access to additional equity capital of $300 million from the private placement of ordinary shares announced in May 2014, which will settle upon readmission.
“Atlas Mara’s shareholder base is comprised primarily of “blue chip” institutional investors and the Company was particularly pleased by the high level of participation in the private placement by substantially all of its IPO investors,” said Munatsi.
Led and formed by Atlas Mara Bob Diamond, founder of Atlas Merchant Capital LLC and Ashish Thakkar, founder of Mara Group Holdings Limited, it was listed on the main market of the London Stock Exchange in December 2013.