Details of Principal Subsidiary Companies
As at 31 March
|Nature of Business||% holding||Cost of Investment||Share schemes ¹|
|Peregrine Financial Services Holdings Limited||Holding company||100||100||7,195||7,195||9,970||9,970|
|Peregrine SA Holdings Proprietary Limited||Investment holding company and investment and trading||80||80||470,845||470,845||67,676||67,676|
|Sandown Capital Proprietary Limited²||Investment holding company and investment and trading||-||100||-||127,453||-||-|
|Citadel Holdings Proprietary Limited and its subsidiaries||Wealth management||100||100|
|Peregrine Capital Proprietary Limited||Asset management||50||50|
|Peregrine Direct Limited||Financial broking||65||65|
|Peregrine Derivatives Proprietary Limited||Financial broking||65||65|
|Peregrine Equities Proprietary Limited||Financial broking||65||65|
|Peresec International Limited||Financial broking||65||-|
|Peregrine Financial Products Proprietary Limited||Financial structuring||65||65|
|Peregrine Fund Platform Proprietary Limited||Asset management||65||65|
|Peregrine Management Services Proprietary Limited||Management services||100||100|
|Peregrine Securities Proprietary Limited||Financial services||65||65|
|Peregrine International Holdings Limited and its subsidiaries||Investment holding company||100||100|
|Stenham Limited and its subsidiaries||Asset and Property management & Trust and Corporate administrative services||100||88.81|
|Stenham Investments Proprietary Limited||Investment holding company||100||100|
|Peregrine Share Incentive Trust||100||100|
|Citadel Holdings Limited Employee Share Participation Scheme||100||100|
|Deloitte Private Clients Employee Share Trust ³||100||100|
|Firefly Investments 61||Investment banking||-||50|
|Hedge Funds (note 17):|
|PNF Peregrine Fund En Commandite Partnership⁴||-||100|
|Peregrine Partners Fund En Commandite Partnership⁴||-||100|
|Electus Long/Short Equity Fund En Commandite Partnership⁴||-||90.88|
|G3 Market Neutral En Commandite Partnership⁵||-||24.72|
|All Weather En Commandite Partnership||45.65||38.13|
|Java Capital Special Opportunities Fund En Commandite Partnership⁶||-||50|
A comprehensive list of subsidiaries is available on request at the registered office of the Company. Peregrine Direct Limited is incorporated in the British Virgin Isles. Citadel Holdings Proprietary Limited indirectly owns 100% of the issued share capital of Citadel Offshore Holdings Limited, Peregrine Guernsey Limited and Peregrine International Wealthcare Limited, which companies are incorporated in Guernsey. Stenham Limited and its subsidiaries are incorporated in the United Kingdom, British Virgin Isles and Guernsey. Peregrine International Holdings Limited and Peresec International Holdings Limited are incorporated in Guernsey. All other subsidiary companies are incorporated in South Africa.
1 Prior to the 2010 year-end an executive incentive scheme was implemented, which resulted in senior staff members purchasing 20 million shares at R8.10 per share on a deferred basis. The scheme was treated as an equity settled scheme and was valued on the grant date, 24 March 2010, using a binomial model. The total expense of R77.6 million was recognised over the five year period.
2 As a result of the unbundling, as fully detailed in the Restructure and Unbundling Circular, the Company distributed all of its shares in Sandown Capital Limited, being 100% of the issued share capital of Sandown Capital. Prior to the unbundling, the Company subscribed for additional shares of 226 063 696 at a cost of R220 million.
3 Deloitte Private Clients Employee Share Trust was acquired by Citadel Holdings Limited on 1 June 2005. There is no on-going relationship between Deloitte and Deloitte Private Clients Employee Share Trust.
4 As a result of the unbundling, as fully detailed in the Restructure and Unbundling Circular, the PNF Peregrine Fund En Commandite Partnership, Peregrine Partners Fund En Commandite Partnership and Electus Long/Short Equity Fund En Commandite Partnership were de-consolidated with effect from 2 October 2017 as the Group's attributable share of these unredeemed hedge fund assets were transferred to Sandown Capital as part of the unbundling.
5 G3 Market Neutral En Commandite Partnership was closed with effect from 31 July 2017.
6 Java Capital Special Opportunities Fund En Commandite Partnership was closed with effect from 30 September 2017.