What is Miranda’s (Black Economic Empowerment) BEE status?
In November 2008, the board secured a strategic investment in Miranda by black-owned Yakani Resources (Pty) Ltd (“Yakani”). Yakani is a wholly-owned subsidiary of the Yakani Group (Pty) Ltd, and is a young and dynamic empowerment group of companies operating in Southern Africa. Headed by Messrs Gilbert Phalafala and Siswe Tati, the Yakani Group provides both financial and intellectual capital to investments meeting its criteria and strategic vision. The initial investment took the form of a general issue of shares for cash in the amount of R17.2 million. Yakani has since increased its stake in Miranda to 34.9% by buying shares in the open market. For Miranda shareholders, the exciting strategic and potential operational reasons for the transaction include: Yakani will deepen and extend the BEE status of Miranda at its holding company level. This will greatly complement Miranda’s own BEE initiatives, which have focused on implementing broad-based structures at operational subsidiary lev
