Create Wealth through Strategic Equity Investments

Create Wealth through Strategic Equity Investments

Trustee Board Investments is a private South African investment company managed by its directors and Ora Fund Managers.  It has a 22 year track record of exceptional returns from its strategic equity investments and is owner managed by a team of professionals who are personally invested in the company.  With a flexible investment mandate, including listed and unlisted securities, it invests mainly in the South African market.

strategic equity investments explained

Strategic Equity Investments is a term we use with Trustee Board Investments to describe its distinct method of investing.  It refers to investments where the company has board representation and can influence strategic decision making, which is the case for the majority of its investments.  Also, there are no predetermined periods in which the investment must be realised.  This strategic way of investing creates the potential for investments to be included that are listed but have similar characteristics to unlisted private equity investments.


  • Opportunity for wealth creation by investing alongside investment managers who currently own the majority of the shareholding and have a proven investment track record.
  • Achieve superior returns from an investment portfolio with a long-term investment view.
  • Liquidity offered to investors on an annual basis.


Trustee Board Investments is suitable for individuals, trusts and companies, with an investment horizon of five years or longer and a minimum investment of R1 million, looking for superior long term returns.

Investment objective: To create sustainable growth in shareholder value over the long term, by investing in good quality businesses at attractive prices and holding such investments with a long term view.
Target return: CPI + 10% per annum over a rolling five year period
Market value of investment portfolio: R331.9 million

tHE HISTORY of the company

  • Trustee Board Investments was established in 1993. In the beginning, the focus was on developing and launching new business ideas.   Shareholders were employees, friends and family who provided seed capital.
  • After almost 10 years, the focus changed from starting new businesses to investing in existing companies with independent management.
  • In 2007, Trustee Board Investments was transformed into a fully-fledged investment company with shareholding offered to people associated with the directors and investees. It was around this time that Trustee Board Investments made a strategic investment in Ora.
  • In 2013, after a long-standing relationship with Trustee Board Investments, Ora was appointed as the co-investment manager. Shareholding was opened to a wider audience and an exciting new phase was entered.
  • The founding shareholders and Ora currently hold approximately 77% of the shareholding.


the company’s growth

  • In the 22 years since its launch, Trustee Board Investments has recorded profits in 18 years.
  • Over the last two years the company has been deploying cash reserves into both new and existing strategic equity investments and is now fully invested.
  • Recent strategic equity investments
    • 930 000 Efficient Group shares were bought during June for a total investment of R4.3 million. This increased the investment stake to 17.5% of the Efficient Group.
    • TerraSan had a successful rights issue raising R95 million at R14.50 a share in an effort to expand the business, after its most successful financial year to date. Trustee Board Investments acquired 954 388 shares for a consideration of R13.8 million after following their rights. This increased the interest in TerraSan from 11.73% to 12.78%.
    • In August, Trustee Board Investments acquired 25.23% of Accéntuate Ltd (an AltX JSE listed company) for a consideration of R20.3 million. Accéntuate is a group of world-class companies serving the construction and infrastructural development markets in South Africa and Africa.
  • For the year ending June 2015, shareholders received a total return on investment of 18.7%, including a dividend of 3.5%.
  • The market value of the investment portfolio has grown by 26.25% since June 2014.  Trustee Board Investments issued a net amount of R13 million of new shares to new and existing shareholders during the last year.

Total returns compared to the Consumer Price Index: June 2015

graph 1

Note: Trustee Board Investments has been under-invested in private and strategic equity over the past three years.  This explains the lower performance in the three year returns compared to the benchmark.

At this stage Trustee Board Investments is raising additional funding for an exciting pipeline of potential investments. This makes now an ideal time for new shareholders to join the company and have access to the returns that these investments offer.  The minimum investment amount is R1 million per investor.

If you would like more information or to be kept informed about developments, please contact me.

Wayne Liebenberg

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The information in this document is proprietary to Ora Fund Managers (Pty) Ltd (Ora) and is not to be reproduced, distributed, published or used for any purpose other than the evaluation of any proposal contained in the document, except with the written permission of a representative of Ora.  The information contained in this document (together with any opinions expressed or further information provided in connection with this document) is of a general nature and provided for illustrative purposes. It does not address the circumstances of any particular person or entity and it is not a recommendation or advice in relation to any transaction or investment.  In making this information available, we are not purporting to act in any way as an advisor or in a fiduciary capacity. No one should rely on any of this information without appropriate advice from an independent financial adviser, based on a thorough investigation of the investor’s specific circumstances.  While we have taken care to ensure that the information is accurate and not misleading, Ora makes no representations or warranties of any kind with respect to its accuracy, completeness or correctness. The information is provided on the clear understanding that Ora will not be held liable or responsible for any loss or damages that may be suffered by any person or entity as a result of that party placing reliance on or failing to act on any of the information provided.

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