Retirement of Founders and Entrance of New Investor

On 18 May 2005 I established SA Bullion with the help of my wife and co-director Helen. Almost 18 years later, in surveying our enterprise, we feel proud of the financial services group that we have created, and we feel ready to hand it over to the next generation for greater things.

I am delighted to announce to you that Helen and I have sold our interests to Unipalm Investment Holdings and will be retiring at the end of February. The shares will be transferred to a new subsidiary company established with the purpose of holding Unipalm’s SA Bullion shares. This Broad-Based Black Economic Empowerment group has enjoyed tremendous success in partnering entrepreneurs and SA Bullion is privileged to welcome Unipalm on board as strategic investors.

SA Bullion has completed its foundation phase and the next phase will be the high-growth phase. This current inflection point coincides with an inflection point in the lives of Helen and I. We are ready for retirement and the business has homegrown talent that is ready to take over leadership of the group. Brothers Imran O’Brien and Clint O’Brien have been directors and shareholders of SA Bullion since 2008 and will take over as Co-CEOs of the group. Imran and Clint have my respect as executives, and my trust as custodians of SA Bullion and its clients.

This exciting transaction introduces great benefits for SA Bullion, particularly as the firm is about to embark on expansion into the pension fund and institutional spaces. In particular, the firm looks forward to earning the highest score in B-BBEE certification.

The existing staff complement at SA Bullion remains unchanged. It is a matter of pride for me that staff turnover is essentially zero. We have a happy family in the office who fit with the culture that can best be defined as “friendly and businesslike”. To bolster regulatory, compliance and legal affairs, the firm has employed respected attorney Mrs Nebula Papapetros as Head of Legal.

All that remains for me is to give my heartfelt thanks to:

– Unipalm for their trust and investment in SA Bullion;

– Imran and Clint for the wonderful, shared journey that is SA Bullion;

– The tremendous staff who I rate as consummate professionals and who I count as friends;

– Helen who has been my IT Director but also my daily sounding board; and

– Most importantly, our wonderful clients, IFAs, wholesalers, refineries, dealers, associates, and Regulators.

Until the end of February, I will be at my desk as usual, and thereafter I will be involved in a transitional role for a period of six months. The time has come for me to spend more time climbing mountains, for Helen and I to travel more, and for us to see more of our family and friends who are spread around the world.

Finally, I am proud to say that our clients have done well and will continue to do so, well into the future.

My thanks and best wishes to you,