What is a Black New Entrant?
This is a black participant/s who holds rights of ownership in a Measured Entity and who, before holding the Equity Instrument in the Measured Entity, have not held equity instruments in any Entity which has a total value of more than R50,000,000.00 measured using a standard valuation method.
This forms part of the Ownership Scorecard Statement 100 where points can be obtained if they meet the qualification criteria
What information is required and suitable for verification?
You obtain proof of this by means of an Affidavit and the transaction documents or Sale Agreement, from the individual / individuals who are defined as black new entrants. This will confirm that they have not been involved in BBBEE deals in excess of R50 million and that this value is to be determined as at date of purchase or transaction date and not at current market value for all prior BBEEE deals.