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Prashendran

Research Analyst at 36ONE

Prashendran Naidoo is an Equity Analyst at 36ONE Asset Management, specializing in South African equities with a focus on sectors such as retail, consumer goods, and financials. He covers major public companies including Shoprite Holdings, Woolworths Holdings, The Foschini Group, Mr Price Group, and Capitec Bank, and is recognized for his fundamental analysis and impactful investment ideas. Prashendran joined 36ONE in 2018 following several years at Standard Bank Group as a research analyst, where he developed a strong track record for actionable recommendations and portfolio returns above sector averages. He holds a CFA charter and is registered with the Financial Sector Conduct Authority (FSCA) in South Africa, reflecting a commitment to professional excellence and fiduciary standards.

Prashendran's questions to LESAKA TECHNOLOGIES (LSAK) leadership

Question · Q1 2026

Prashendran from 36ONE, along with Jared Houston, asked for clarification on Lesaka's stance regarding the potential Cell C IPO, specifically if the company is content with its listing and exit, and the rationale behind the current option structure.

Answer

Executive Chairman Ali Mazanderani stated Lesaka supports the IPO and wishes Cell C well, explaining the rationale to exit is to simplify operations and reallocate capital to core strategies. Group CFO Dan Smith added that Lesaka's 5% stake would be diluted due to restructuring but a minimum value of ZAR 50 million is secured, with upside potential if the effective holding is worth more post-listing.

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Question · Q1 2026

Preshendran, along with Jarred Houston, asked about Lesaka's position on the potential Cell C IPO, their willingness to exit their stake, and the strategic rationale behind the option structure in place.

Answer

Executive Chairman Ali Mazanderani expressed support for the Cell C IPO and confirmed the rationale to exit, aligning with Lesaka's strategy to simplify operations and reallocate capital to core purposes. Group CFO Dan Smith clarified that Lesaka holds a 5% stake, which will be diluted during Cell C's restructuring, and that the option secures a minimum value of $50 million for their stake with potential upside upon listing.

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