Symphony Investor Communications

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Iliad Africa Ltd Board Report September 2006
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Comment
September 05 September 06
This analysis is objective and independent and
has the intention of providing information on the
number of shares held in Iliad Africa Ltd by HDI
shareholders. HDI stands for Historically
Disadvantaged Individual - those people that did
not have the vote prior to 1994 and referred to
in this report more generally as Black Economic
Empowerment (BEE). The report includes an
analysis of retail and corporate holdings. The
shareholding by mutual funds, including unit
trusts are allocated according to the BEE
shareholding in the fund management company. The
shareholding by pension funds has been allocated
a BEE holding (where available) based on the
demographic of the fund membership. In some cases
estimated figures have been used. There is not
yet clarity as to how indirect holdings
(including pension funds) are to be treated under
the final Codes of Good Practice. The Codes due
to be to be submitted to Parliament and gazetted
under the Broad-based Black Economic Empowerment
Act, have not been finalised. The BEE analysis,
included in this report does show what the
overall BEE holding would be should pension fund
and fund manager holdings be excluded. The
overall BEE shareholding has decreased slightly,
by 604,084 shares to 21.3. The decrease is
mainly due to a decrease in holding by Elephante
Import and Export. Their holding decreased by
950,000 shares. Women Private Equity Fund (WPEF).
WPEF have the right to acquire up to10 interest
in the aggregate of Iliads entire issued share
capital an additional 12,243,804 shares at any
time prior to 31 December 2009, notwithstanding
which WPEF are entitled to exercise 10 of the
aggregate voting rights at any meeting of Iliad
shareholders. A table showing the overall BEE
holding once the shares are taken up is included
in the analysis A detailed report showing
allocation of all holdings is available. Simon
McGregor Symphony Investor Communications (Pty)
Ltd 20th October 2006
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September 05 September 06
BEE Health Check
Overall Summary
Once the WPEF have exercised all their Rights
Excluding Pension Funds Fund Managers
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September 05 September 06
BEE Health Check
Categories of Holders
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September 05 September 06
BEE Health Check
Categories of Holders
Major Movers