The Board of Vunani Limited (JSE:VUN) announced the spin-off of Private Equity assets on August 6, 2020. Post-transaction, Vunani shareholders will hold two listed investments, being their existing shareholding in Vunani, which would continue to hold the Financial Services Assets, and the other into a new company, pro rata to their existing shareholding in Vunani, which would house the Private Equity Assets. The Board of Vunani Limited will unbundle the private equity assets owned by Vunani (Unbundling transaction) and a subsequent listing of the Private Equity assets on a South African Stock Exchange, other than Johannesburg Stock Exchange, within twelve months of the Unbundling transaction. The transaction was resolved by the Board of Directors of Vunani Limited on August 6, 2020. The listing of the Private Equity assets within 12 months of the Unbundling transaction is a key part of the transaction. The transaction is subject to the fulfillment of the necessary suspense conditions. As of November 30, 2020, the structure, process and legal agreements required to implement the unbundling of the Private Equity Assets have been agreed upon and signed. Vunani Corporate Finance acted as the financial advisor, Webber Wentzel acted as the legal advisor and Grindrod Bank Limited acted as the sponsor for Vunani Limited.