Ecsponent Zimbabwe Limited and Walter Kambwanji signed agreement to acquire 14.98% stake in GetBucks Microfinance Bank Limited from BRAINWORKS Capital Management Limited and Getsure Life Assurance Limited for $5.5 million.

Ecsponent Zimbabwe (Private) Limited and Walter Kambwanji signed agreement to acquire 14.98% stake in GetBucks Microfinance Bank Limited (ZMSE:GBZW) from BRAINWORKS Capital Management (Private) Limited and Getsure Life Assurance (Private) Limited for $5.5 million on November 30, 2017. Under the transaction, Ecsponent Zimbabwe will acquire 60.6 million shares of GetBucks Microfinance for $2 million from GetSure Life Assurance while Walter Kambwanji will acquire 35.59 million shares of GetBucks Microfinance from GetSure Life Assurance for $1.2 million and 67.57 million shares from BRAINWORKS Capital Management for $2.25 million. The consideration will be paid in cash. Post transaction, BRAINWORKS Capital Management and GetSure Life Assurance will hold 16.16% stake in GetBucks Microfinance. The addendums to the agreement, dated December 12, 2017, have been entered into. As of January 19, 2018, Ecsponent Zimbabwe and Walter Kambwanji agreed to advance the consideration due under the disposal to BRAINWORKS Capital Management, on behalf of BRAINWORKS Capital Management and GetSure Life Assurance, on loan account. The loan attracts interest at a rate of 9% per annum and is unsecured. The interest on the loan is to be settled through the delivery of GetBucks Microfinance’s shares at a price of $0.0333 per share or in cash should shareholder approval for the transaction not be obtained by Brainworks Limited, and is payable on the earlier of the date when shareholder approval for the transaction is obtained or June 11, 2018. The transaction is subject to the approval of shareholders of Brainworks Limited, parent of BRAINWORKS Capital Management and GetSure Life Assurance and will be completed on the date on which the last condition precedent is met. The funds raised pursuant to the transaction will be applied towards the restructuring of balance sheet of Brainworks Limited in order to position it for growth going forward. The shareholder meeting for Brainworks Limited will be held on May 4, 2018 for the purpose of the approval of the deal. As of May 4, 2018, the transaction was approved by the shareholders of Brainworks Limited. KPMG Advisory (Private) Limited acted as the independent experts, PricewaterhouseCoopers Incorporated acted as the accountant and Computershare Investor Services Proprietary Limited acted as the transfer agent for Brainworks Limited.