Bounty Brands’ top executives, CEO Stefan Rabe and CFO Peter Spinks, emphasise they were in no way involved in Coast2Coast’s negotiations with Mulaudzi.
The web of Bounty Brands and Coast2Coast entities, described as “highly complex” in some group documents, consisted of companies registered in South Africa and in foreign jurisdictions like Malta, the British Virgin Islands and the UK.In fact, through this complex structure, Shayne’s Coast2Coast was effectively the majority shareholder in Bounty Brands.
For instance, Breadfruit Holdings, a special purpose vehicle registered in Malta, sat with a R465-million loan from Credit Suisse.Another Credit Suisse loan of about R170-million was held within Stella Pack, another Polish business Bounty had bought in 2017. If, for instance, Bounty defaulted on the Breadfruit SPV’s loan from Credit Suisse, Credit Suisse could have laid claim to stakes in some of the businesses in Bounty’s South African portfolio.
At some point after Ganefin6 secured the loan, Coast2Coast pledged 25% of K659’s shares in Bounty Brands Ltd to Greenpoint Capital as security. In a replying email, Spinks said the matter had been disclosed in K659’s annual financial statements and that these had been provided to Bright Glacier at the time of the UIF deal.“I accept that the share pledge and guarantee could have been more clearly defined in the agreements,” said the Bounty CEO in another email in this chain of exchanges.Bright Glacier Trading’s managing director, Dr Moretlo Molefi.
In other words, the UIF’s money was now effectively being used to help mend the damage caused by the Coast2Coast default. Shepstone, for instance, had pledged its shares in Bounty Brands UK as security for some of its debt. “The effect of all of this was that the aggregate amount called up for repayment over the period October 2018 to April 2019 was approximately R923-million,” explained Spinks and Rabe in a written response.
Shayne has identified the non-listing as “probably the biggest factor” leading to the Coast2Coast defaults. Facing possible liquidation, and with the intended listings no longer an option, the Bounty group was in desperate need of a solution.“I wouldn’t say we’re friends,” Spinks wryly joked during our interview.
Source: News Formal (newsformal.com)
PLMyburgh StephenGrootes eNCA VoetsekSAMedia
PLMyburgh RSASIU come this side and this is what u should be investigating not R800Ks, there is no money that vanishes!!!!
PLMyburgh I can't believe this I'm sure you have seen post about JonathanHele helping people, I gave her a try and I can boldly stand and tell everyone she is legit and real...
PLMyburgh I'm really grateful for all the efforts you have render to me with my little investment of R10,000 and with joy over me after withdrawing R100,000 with your help Williamchurch07 thank you for everything you have done for me and my family Williamchurch07
PLMyburgh I can't believe this I'm sure you have seen post about JonathanHele helping people, I gave her a try and I can boldly stand and tell everyone she is legit and real...
PLMyburgh Sounds like people need to be going to jail!
PLMyburgh What!!!😆😆😆 'But Shayne denies that he or Coast2Coast Capital are responsible for the fiasco. According to Shayne, the blame lies with the management team Coast2Coast appointed to run Bounty Brands'
PLMyburgh Again, Zweli Mkhize's name comes up. Shamila Batohi must start doing her work. This is another Jacob Zuma in the making. What a crook!! 🚮🚮
PLMyburgh I'm really grateful for all the efforts you have render to me with my little investment of R10,000 and with joy over me after withdrawing R100,000 with your help Williamchurch07 thank you for everything you have done for me and my family Williamchurch07
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