Actis Capital

April 10, 2006 17:43 ET

Actis Africa Fund 2, LP Transfers 1.5% of Candax Energy Holdings to Actis Executive Co-Investment Plan, LP

LONDON, ENGLAND--(CCNMatthews - April 10, 2006) - Actis, a leading private equity investor in emerging markets, has announced that as part of the co-investment agreement between Actis Africa Fund 2, LP ("AAF2") and Actis Executive Co-Investment Plan, LP (the "Actis Co-Exec Plan"), AAF2 has agreed to transfer an interest in 447,188 common shares and 223,594 warrants of Candax Energy Inc. (1.5% of AAF2s holding pre-transfer) from the existing holdings of AAF2 to the Actis Co-Exec Plan. The Actis Co-Exec Plan allows Actis executives to invest personally alongside Actis Capital LLP managed investment funds.

Control and direction will continue to be exercised over the combined AAF2, CIFA Investments and Actis Co-Exec Plan shareholding of 37,500,000 common shares of Candax (or 56,250,000 common shares assuming the exercise of the warrants), which represent approximately 28.2% of the outstanding Candax common shares (or approximately (i) 30.1% on a fully diluted basis assuming all warrants and options are exercised in Candax or (ii) 37.0% assuming the exercise of only the warrants held by AAF2, CIFA Investments LP and the Actis Co-Exec Plan).

Any further purchases of common shares of Candax would be made on behalf of AAF2, CIFA and/or the Actis Co-Exec Plan on the Toronto Stock Exchange or through private purchases. Any purchases will be made for investment purposes.

This press release has been issued in order to comply with applicable securities legislation.

Contact Information

  • For a copy of the securities report contact:
    Actis Capital LLP
    Ben McKeown, Investment Principal
    00 44 207 234 5064
    00 44 207 234 5264 (FAX)
    2 More London Riverside
    London, SE1 2JT