Alexander Forbes Preference Share Investments Limited (AF Pref) is a South Africa-based company. The serves is a special purpose vehicle through, which certain existing shareholders of Alexander Forbes Limited could remain invested following the private equity buyout of the Group. As of March 31, 2012, AF Pref held 26.5% interest in Alexander Forbes Equity Holdings (Proprietary) Limited (AF EH). AFEH is a privately held and controlled company. In addition, AF Pref holds 100% of the Pay-in-Kind (PIK) debentures of AFEH, Alexander Forbes PIK Funding Proprietary Limited (AF PIK), as well as 26.5% of the High Yield Term Loan and relevant assets (HYTL) issued by Alexander Forbes Funding Proprietary Limited (AF Funding).
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