Yes. The company must satisfy the following additional requirements after the expiry of 48 months commencing on the first date of the issue of venture capital share:
A minimum of 80% of the expenditure incurred by the Venture Capital Company to acquire assets must be for qualifying shares, and each qualifying company (i.e. investee) must, immediately after the issuing of the qualifying shares, hold assets with a book value not exceeding:
- R500 million – in any junior mining company; or
- R50 million – in any other qualifying company
The expenditure incurred by the Venture Capital Company to acquire qualifying shares in any one qualifying company must not exceed 20% of its total amount received in respect of issue of venture capital shares.
