The Board of Transaction Capital Limited (JSE:TCP) announced the spin-off of WBC Holdings Proprietary Limited on January 30, 2024. As per the transaction, WBC Holdings Proprietary Limited shareholders will receive 0.30241 for every 1 share held in Transaction Capital Limited. As per the adjusted ratio, the shareholders will receive 0.32678 shares for every 1 share they held in Transaction Capital. The record date of the transaction is April 15, 2024. The transaction is unanimously approved by board of directors of Transaction Capital Limited and is subject to court approvals, regulatory approvals, shareholders approval of WBC Holdings Proprietary Limited, stock exchange listing approval and third party approvals. As of April 3, 2024, all conditions of the transaction are fulfilled and the transaction becomes unconditional. The transaction is expected to close on April 16, 2024.

PSG Capital (Pty) Limited acted as financial advisor, Edward Nathan Sonnenbergs Inc. and Goodwin acted as legal advisors on U.S. and U.K. law, Werksmans Attorneys acted as accountant and BDO Corporate Finance Proprietary Limited acted as fairness opinion provider to Transaction Capital Limited.

Transaction Capital Limited (JSE:TCP) completed the spin-off of We Buy Cars Holdings Limited (JSE:WBC) on April 16, 2024. As part of the transaction, ASS van der Walt an Executive director of We Buy Cars Holdings received 215,674 shares, J Mills an Executive director of We Buy Cars Proprietary Limited, received 8,823 shares, WT Roos, and MP Mendelowitz, Independent non-executive directors, received 33,331 and 12,199,786 shares, respectively, KB Amoils, Alternate director to MP Mendelowitz, received 3,438,036 shares basis the same ratio applicable to all Transaction Capital shareholders as part of the transaction.