XYLEM Trading Ltd enters into a Put Option Agreement for USD 35 million with LDA Capital to acquire a controlling stake in Madison Financial Services Plc (MFIN:ZL)
XYLEM Trading Ltd (“Xylem”) is pleased to announce that it has entered into a Put Option Agreement (“Agreement”) with LDA Capital Limited (“LDA Capital”), a global alternative investment group, for the purposes of acquiring a controlling stake in Madison Financial Services Plc (“Madison” or “Company”), a diversified financial services group listed on the Lusaka Stock Exchange. LDA Capital has agreed to an equity commitment for up to USD 35,000,000 (“Commitment Amount”) to be utilized over the next 36 months.
Under this agreement, Madison shall have the right, but not the obligation, to draw down capital as required. The Company will control the timing and amount of capital drawn down under this Agreement. This method of fundraising provides management with a flexible financing tool and allows Madison Financial the ability to deploy cash on an as-needed basis.
LDA Capital will be granted warrants to subscribe for ordinary shares of up to seven-and-a-half percent (7.5%) of the outstanding common stock of the Company on a fully diluted basis, exercisable at any time during the term of the Agreement.
The Chief Investment Officer of Xylem Trading (the new controlling shareholder in Madison Financial Services Plc), Mr. Grant Flanagan, stated:
“This transaction, incorporating US$35m funding support from LDA Capital, puts Madison back on a strong financial footing, enabling the business to continue to operate smoothly and with the full confidence of all stakeholders. With a strengthened balance sheet, Xylem and LDA Capital’s ongoing support, Madison will be well positioned to win future new business across its four operating segments.
“This is an exciting transaction which has enabled Xylem to acquire a controlling shareholding, with Madison maintaining its independence and position in the Zambian and Tanzanian markets. We are delighted to be working with LDA as our funding partners.”
The Managing Partner of LDA Capital, Mr. Warren Baker, said:
“The 2020 global crisis has been particularly impactful on Africa, accelerating an extensive debt-trap diplomacy crisis which has delayed opportunities for regional market recovery.
“We believe in protecting the interests of shareholders and the region, avoiding excessive dilution and dependency on outside leverage or influence that would further exacerbate the debt crisis. LDA Capital has a strong track record of providing flexible financing to underserved markets, while allowing companies to maintain ownership and sovereignty over their businesses. This transaction is an endorsement of, and testament to, LDA’s support of Zambia’s future recovery and prosperity.”
About LDA Capital
LDA Capital is a global alternative investment group with expertise in complex, cross border transactions worldwide. Our team has dedicated their careers to international & cross border transactions having collectively executed over 200 transactions in both public and private markets across 43 countries with aggregate transaction values of over US$10 billion. For more information, please visit: www.ldacap.com; For inquires please email:firstname.lastname@example.org.
About Madison Financial Services Plc
Madison Financial Services Plc is a financial services group in Zambia offering solutions for general insurance and life assurance products for personal and corporate clients in Zambia and Tanzania. The company operates in four segments: life assurance, non-life assurance, asset management and microfinance. Madison Financial Services offers a range of products; from life and term assurance to pension funds which include unitized, guaranteed, endowment and mortgage endowment options. Company subsidiaries offer a range of health insurance products, and personal, motor, household, commercial and business interruption insurance. Madison Financial Services also provides investment management services, as well as investment funds, unit trusts and brokering service. The microfinance division offers solutions for loans to small- and medium-sized companies and employees of public and private institutions. Madison Financial Services Plc was established in 1992.
About Xylem Trading (Pty) Limited
Xylem Trading is a South African investment vehicle with a diversified investment portfolio which includes regulated financial services in Mauritius, Zimbabwe and operations in Mozambique and Seychelles.
Xylem Trading operations include a world-class commodity trading in fuel and grain in the SADC region.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Thales NS50 Radar to Equip the Belgium Navy and the Royal Netherlands Navy Next Generation Mine Counter Measures Vessels (MCMV)20.1.2021 10:00:00 CET | Press release
The navies of Belgium and the Netherlands rely on Thales, Naval Group and KERSHIP shipyard to equip the 12 next generation Mine Counter Measures Vessels with NS50 radars for Air & Surface Surveillance with Fire Control capabilities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210120005024/en/ NS50 radar © Thales The NS50 provides for the first time a complete and superior level of self-protection capability against air and surface threats for this category of high value MCM vessels. A strategic choice for small to medium vessels, the NS50 offers dual functions between air and surface surveillance and fire control. The nature of threats faced by Navies has never been more varied nor more challenging, ranging from next generation anti-ship missiles, robotic warfare and swarm attacks, to electronic warfare (jamming) as well as, overall, having to operate in a simultaneously conventional, asymmetric and hybrid threat environm
SmartStream Reveal Their Latest API Suite With a Complete Range of Reference Data Services20.1.2021 10:00:00 CET | Press release
SmartStream Technologies, the financial Reference Data Utility (RDU) solutions provider, today announces the launch of its Application Programming Interface (API) suite – for quicker access to services providing accurate data, with improved customer service, operational efficiency, greater agility and competitiveness. The new fully comprehensive API service will benefit financial institutions by saving huge amounts on infrastructure costs, as well as an affordable service which is straightforward to deploy. Financial institutions are now realising the need for change, with many currently engaging in digital transformation projects including the implementation of APIs. RDU services currently fall into two categories: security reference data and regulatory reference data. Security reference data solutions available on an API basis will include a listed derivatives service, with data sourced from over 100 exchanges and comprehensive coverage for options, futures, options on futures and ca
Wiztopic and Euronext Corporate Services Sign a Commercial Partnership20.1.2021 08:00:00 CET | Press release
Wiztopic, the cloud-based provider of software solutions for corporate communications, public relations and investor relations professionals, today announced a commercial partnership with Euronext Corporate Services, a subsidiary of Euronext, providing companies with innovative solutions and tailor-made advisory services in the areas of governance, compliance, communication, and investor relations. This strategic alliance will simplify the access to highly complementary solutions for their respective customers. The combination of Euronext Corporate Services and Wiztopic’s solutions constitutes a suite of best-in-class digital communication solutions to satisfy the increasingly sophisticated needs of time-poor corporate communication, PR and IR professionals. Euronext Corporate Services’ clients will benefit from Wiztrust’s blockchain certification platform to secure their financial communications and avoid fake news. "This partnership solidifies Wiztrust as the European platform for ce
ENHERTU ® Approved in the EU for the Treatment of HER2 Positive Metastatic Breast Cancer20.1.2021 08:00:00 CET | Press release
Daiichi Sankyo Company, Limited(hereafter, Daiichi Sankyo) and AstraZeneca’s ENHERTU® (trastuzumab deruxtecan) has been granted conditional approval in the European Union (EU) as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2 positive breast cancer who have received two or more prior anti-HER2 based regimens. In Europe, approximately 531,000 cases of breast cancer in women are diagnosed annually, with an estimated one in five cases being HER2 positive.1,2,3 The impact of the disease is significant, with breast cancer responsible for more than 141,000 deaths per year in Europe.1 “One in five women with breast cancer have HER2 positive disease and those with previously-treated metastatic disease often progress quickly,” said Professor Fabrice André, Head of Research, Department of Medical Oncology, Gustave Roussy Cancer Campus, Villejuif, France. “One of the biggest challenges in this setting has been identifying treatment strategies that produce a
Bureau Veritas Further Expands Cybersecurity Offer by Joining Forces With Secura20.1.2021 08:00:00 CET | Press release
Bureau Veritas, a world leader in testing, inspection and certification,announced today that it has completed the acquisition of Secura B.V. (starting with a majority stake), an independent service company specializing in cybersecurity services.Secura will be a cornerstone in the cybersecurity strategy of Bureau Veritas. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119006117/en/ Rising demand in digital security and new regulations drive a growing need for conformity assessments. As a result, Testing, Inspection and Certification (TIC) services for cybersecurity are an emerging market with substantial expected growth and significant momentum. In this promising new conformity market, Secura is a recognized cybersecurity player with a strong orientation toward TIC activities. Established in 2000 in the Netherlands, Secura has 100 employees located in two technological centers in Eindhoven and Amsterdam. The company posted
CYNORA Announces Availability of Industry’s First Device Test Kits for TADF Deep Green Emitters for Next-Generation OLED Displays20.1.2021 07:00:00 CET | Press release
Marking a new innovation trajectory for the OLED industry, CYNORA today announced that device test kits for its Thermally Activated Delayed Fluorescence (TADF)-based Deep Green emitter for next-generation OLED displays are now available to customers. The development is an industry-first milestone for TADF technology, and validates CYNORA’s roadmap commitment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119006159/en/ cyUltimateGreen™ - CYNORA's TADF Deep Green Emitter Device Test Kit (Photo: Dr. Harald Flügge, CYNORA) Known as the cyUltimateGreen™, the product delivers efficiency of more than 20 percent, which meets current industry specifications of 150cd/A in top emission devices. It demonstrates lifetime of 400h LT95@15mA, and color point and spectra that match today’s DCI-P3 standard. In addition, the product shows compatibility with BT2020, a color standard that requires greater color purity than DCI-P3, and one th
Ipsen Appoints Gwenan White as Executive Vice President, Communications and Public Affairs20.1.2021 07:00:00 CET | Press release
Regulatory News: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005966/en/ Gwenan White, Executive Vice President, Communications and Public Affairs, Ipsen (Photo: Business Wire) Ipsen (Euronext: IPN; ADR: IPSEY) announced today the appointment of Gwenan White as Executive Vice President, Communications and Public Affairs, effective March 2021. Based in Boulogne, France, she will be responsible for designing, implementing and managing the communications and public affairs strategy for Ipsen at global level, reporting directly to David Loew, CEO, Ipsen. Gwenan will serve on the Executive Leadership Team. “Along with the ELT, we are very pleased to welcome Gwenan to Ipsen. She will be critical to the implementation of our new strategy, Focus. Together. For patients & society. Her background in communications and public affairs will help reinforce Ipsen’s position as partner and employer of choice and will contribute to d