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 The Sharenet Daily 
Tuesday, 11 August 2015 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

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Seed Weekly - Investment Vehicles

As South Africans we have a number of different investment vehicles to our disposal. Each vehicle presents us with a different set of opportunities to potentially take advantage of as the benefits of the various pre- & post retirement vehicles remains underutilised by many. This article will not list all the pros and cons of each vehicle but rather look at ways these vehicles can be used to benefit the member.

We have always held the belief that a person’s overall asset allocation is one of the main determinants of the eventual success of an investment strategy. A successful investment strategy has many moving parts and as such has many different factors to take account of; the ‘big picture’ top down makeup of your balance sheet arguably has the biggest impact on your position over time. To take it one step further, we find it essential to look through the asset allocation and determine the best way to access the various asset classes.

Under normal circumstances we would recommend that an investor carries a certain exposure to growth and income generating assets (both local and offshore). The best way to access these asset classes is to consider the appropriate vehicles to your disposal and, very importantly, the goal of this specific asset class.

Growth assets are, generally & in the long term, best housed in a vehicle where the growth and dividends are untaxed, this is possible through utilising compulsory vehicles. As the untaxed growth and dividends compound over time it will outperform a similar investment in a self-funded (net of taxes) discretionary account. There are however 2 problems with the above statement;

• Compulsory vehicles are generally limited in the amount of growth assets that can be held where discretionary vehicles do not have this constraint.

• Income withdrawn from compulsory vehicles (after conversion to a living annuity) is in most cases taxed a much higher rate than income from discretionary sources (as long as the income from the discretionary sources are taxed as interest, CGT or dividends).

A potential solution to the above problems include using a Tax Free Savings Account (TFSA) to house some growth assets. TFSA’s have their own issue in that the amount of capital that can be committed at any time is limited, this account needs to be built up over the long term and it will be some time still before this will have a measurable effect on most clients’ position.

The solution that, in most cases, works the best is to make sure that your compulsory vehicles are fully exposed to growth assets up to the regulated limits. This is done through balanced funds in pre-retirement vehicles. Upon reaching the age of 55 one can access a living annuity which does not carry any asset allocation constraints, this makes living annuities very attractive vehicles in which to hold growth assets as the growth within these vehicles remain untaxed. Mandatory income paid out of living annuities can, however, potentially offset this benefit.

It is therefore pertinent to look at the ‘big picture’ and determine how to structure your portfolio to gain the maximum benefit. The untaxed growth in compulsory vehicles need to weighed up against the income tax on annuity payments, while the lower taxed income stream generated by discretionary accounts needs to be weighed up against the tax paid on growth, dividends and interest. It is just as important to consider the best way to structure your income as it is to structure your capital base for growth as they are ultimately intertwined.

The above is but one of the many factors the team at Seed takes cognisance of when designing solutions to our clients. Each solution we design is unique and tailored to your needs. We also monitor these solutions continuously and will make adjustments as circumstances dictate.

Kind regards,

Stefan Keeve

Tel +27 21 914 4966
Fax +27 21 914 4912
Email info@seedinvestments.co.za

Seed is hiring: Click through to our LinkedIn profiles to see vacancies at Seed Investment Consultants and Seed Analytics


Tue, 11 Aug 2015
Top News
Local markets After the public holiday yesterday, the JSE All Share ended 0.40% higher today with gains led by gold miners.  Full story

South Africa's rand touched its weakest point against the dollar in nearly a week on Tuesday, falling one percent to 12.7840. The local unit suffered along with fellow emerging market currencies following the Chinese central bank's decision to devalue the yuan after a string of poo  Full story
The Turkish military ratcheted up pressure on Kurdish militants with a fresh round of air strikes in the southeast of the country on Tuesday as the insurgents claimed responsibility for the bombing of a police station in Istanbul.  Full story
Riot police clashed early on Tuesday with protesters in the streets of Ferguson, Missouri marking the anniversary of the police shooting of an unarmed black teen whose death sparked a national outcry over strained race relations.  Full story
Japan has restarted a nuclear reactor for the first time under new safety standards put in place since the Fukushima disaster in 2011, as Prime Minister Shinzo Abe seeks to reassure a nervous public that the industry is now safe.  Full story
China's 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets. . .  Full story
Gold rose to a three-week high on Tuesday as the dollar reversed gains, global stocks fell and investors assessed the impact of China's. . .  Full story
Hong Kong stocks surrendered earlier gains and ended lower on Tuesday, weighed down by Chinese airlines and importers, sectors seen likely to be. . .  Full story
Chinese stocks ended mixed on Tuesday as the central bank's surprise decision to allow its currency to fall hit the shares of airlines. . .  Full story

Australian shares fell 0.7 percent on Tuesday, largely led by losses in banks, after China devalued its currency following disappointing economic data.. . .  Full story
Japan's Nikkei share average edged down on Tuesday after China devalued the yuan by nearly two percent, with investors taking profits as they. . .  Full story
Gold rose 1 percent to above $1,100 an ounce on Monday, its biggest increase in more than seven weeks, as the U.S. dollar. . .  Full story
Slowing demand in China led some stock markets to rise on Monday, on hopes of more policy stimulus, but commodity prices fell.. . .  Full story
SA Business
South Africa's economy faces a turbulent time as the prospect of rising U.S. interest rates and a slowing Chinese economy complicate. . .  Full story
Ford Motor Company will start assembling its best-selling Ford Ranger pickup truck in Nigeria by the fourth quarter, as it expands. . .  Full story
South Africa's cash-strapped power utility Eskom said it plans to borrow more than 20 billion rand ($1.6 billion) from the domestic. . .  Full story
South Africa's nuclear power plant planning process is at an "advanced stage" and the multi-billion dollar procurement process should be completed. . .  Full story

South Africa's manufacturing production shrunk by 0.4 percent year-on-year in June after a revised 1.6 percent contraction in May, Statistics South. . .  Full story
Mining group Glencore is disputing South Africa power utility Eskom's [ESCJ.UL] 2 billion rand ($157 million) penalty claim for shoddy performance. . .  Full story
The fact that South Africa's central bank is concerned about the impact of policy normalisation in the United States does not. . .  Full story
Rwanda's franc was increasingly stable after months of volatility due to a firmer dollar, but could weaken 6 percent against the. . .  Full story

Statistics South Africa said on Tuesday that June mining data due for release on Thursday has been postponed to Aug. 25 because of revisions from January 2013.. . .  Full story
Standard Chartered has become the second bank in a week to walk away from a multi-billion dollar Australian coal project, leading environmentalists to claim a major victory in one of the world's top coal-producing nations.. . .  Full story
Britain's Just Retirement has agreed to buy rival Partnership Assurance for 669 million pounds ($1 billion) in shares, hoping greater scale and a stronger capital position will help it cope with changes that have. . .  Full story
Company News
Exxaro shareholders are referred to the announcement released by the Company on the Stock Exchange News Service on 28 July 2014,. . .  Full story
Shareholders are referred the cautionary announcement dated 15 May 2015 and the renewal of cautionary announcements dated 9 June 2015 and. . .  Full story
Crookes Brothers shareholders (˘Shareholders÷) are referred to the announcement published by the Company on the Stock Exchange News Service (˘SENS÷) of. . .  Full story
Shareholders are advised that at a general meeting of Mediclinic held today, 11 August 2015, all the ordinary and special resolutions. . .  Full story

On 25 April 2006 MMI Group Ltd. (formerly Momentum Group Ltd.) (the Issuer) issued ZAR1 000 000 000 Unsecured Subordinated Callable. . .  Full story
The business rescue proceedings of the Company are still ongoing and Shareholders are advised to continue exercising caution when dealing in. . .  Full story
MMI Group Limited raises R1.25 billion from the South African debt capital markets MMI Group Limited (a registered long-term insurance company and. . .  Full story
Business Day highlighted that Steinhoff International Holdings, which gets more than half its revenue from Europe, indicated that its Frankfurt listing. . .  Full story
Company Results
Revenue for the interim period lowered to R2.9 billion (R3.4 billion). Gross profit decreased to R698.3 million (R789.8 million). Profit from operating activities was higher at R167.4 million (R132.3 million). Profit for the period attributable to owners jumped to R100.5 million (R58.6 million). In addition, headline earnings per share shot up to 101cps (61cps).. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052221.17206.210.40%
JSE Top 4017:0046622.58190.590.41%
JSE Gold17:00783.6321.582.83%
JSE Financial17:0046507.38313.770.68%
JSE Industrial17:0075560.74342.490.46%
JSE Indust 2517:0067398.40316.070.47%
JSE Resource17:0035635.11-193.96-0.54%
DJ Futures19:5217312.00-241.00-1.37%
DJ Ind19:5817377.96-237.21-1.35%
SP 50019:582079.22-24.96-1.19%
FTSE 10017:086667.31-68.91-1.02%
All Ords08:415473.10-31.80-0.58%
NZSE 5007:485822.35-42.67-0.73%
NameTimeRPMove% Move
Gold $20:001108.704.590.42%
Gold R19:5814180.81221.661.59%
Gold R/kg19:58455924114502.58%
Silver $20:0015.3140.06700.44%
Platinum $20:00987.415.410.55%
Palladium $19:59600.77-6.23-1.03%
Brent Crude19:5848.86-.66-1.33%
USD / ZAR20:0012.79060.14771.17%
GBP / ZAR19:5519.87760.18530.94%
EUR/ ZAR19:5514.10580.16921.21%
NZD/ ZAR19:588.3522-0.0073-0.09%
AUD / ZAR19:559.3221-0.0519-0.55%
USD / JPY20:00125.12500.55500.45%
EUR / USD20:001.10300.00140.13%
GBP / USD20:001.5571-0.0016-0.10%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 CULLINAN  1903925.83.%35000
2 ELBGROUP  310036513.35.%5726
3 HULAMIN  5405310.88.%415982
4 ARCMITTAL  16831439.29.%506342
5 DENEB  218189.00.%7700
6 CALGRO  22501708.17.%48642
7 EQSTRA  265208.16.%5079673
8 STELLAR  341247.57.%1439475
9 CADIZ  190137.34.%2855835
10 DRDGOLD  164117.19.%1657010
11 NUWORLD  23001506.98.%11918
12 INTEWASTE  11976.25.%96500
13 SOVFOOD  850506.25.%135697
14 AQUARIUS  13175.65.%2663542
15 TORRE  480255.49.%501810
16 ANGLOPLAT  2849113494.97.%538921
17 PAN-AF  13064.84.%2930936
18 HARMONY  1270584.79.%2258684
19 MRHLD  1292564.53.%1516177
20 ASTRAL  192298294.51.%148797

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Major Moves Down
SharenameSaleMove% MoveVolume
1 OAKBAY  3000-500-14.29.%23
2 AEGConv  616000-102500-14.27.%148
3 MONTAUK  1000-97-8.84.%9953
4 THARISA  550-50-8.33.%50000
5 RENERGEN  1585-115-6.76.%701
6 STEFSTOCK  500-29-5.48.%118292
7 NEPI  14000-730-4.96.%1878071
8 CAPITEC  47241-2429-4.89.%413856
9 DAWN  615-30-4.65.%12100
10 LEWIS  6328-290-4.38.%1153207
11 GLENCORE  3807-173-4.35.%2127679
12 TEX  1031-44-4.09.%355295
13 LABAT  124-5-3.88.%2236912
14 BELL  905-35-3.72.%10115
15 METROFILE  405-15-3.57.%204707
16 AEEI  251-9-3.46.%86681
17 TFG  14294-502-3.39.%1342145
18 ADCOCK  5130-170-3.21.%69188
19 Lodestone  680-20-2.86.%4000
20 TRNSHEX  290-8-2.68.%2123

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New Highs
SharenameSaleHighMove% MoveVolume
1 CALGRO  225022751708.17.%48642
2 STELLAR  341397247.57.%1439475
3 CADIZ  190200137.34.%2855835
4 SIRIUS  711721213.04.%272737
5 RESILIENT  11316115512442.20.%887734
6 CAPPROP  1518154090.60.%1664808
7 PIKWIK  28472997-8-0.28.%425621
8 PICKNPAY  61686383-32-0.52.%539990
9 HOLDSPORT  53265720-132-2.42.%45701

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New Lows
SharenameSaleLowMove% MoveVolume
1 GLENCORE  38073769-173-4.35.%2127679
2 ALTRON-P  899899-23-2.49.%19050
3 SIBANYE  14371415-10-0.69.%2707354

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Index Summary
Index NameRPMove% Move
Top 4046,622.58190.590.41%
Mid Cap68,656.70154.320.23%
Small Cap59,737.74447.020.75%
Resource 2035,635.11-193.96-0.54%
Industrial 2567,398.40316.070.47%
Financial 1517,605.30169.470.97%
Financial & Ind. 3073,008.25460.850.64%
All Share52,221.17206.210.40%
Oil & Gas 8,465.51-821.16-8.84%
Mining 21,237.81-99.66-0.47%
Gold Mining783.6321.582.83%
Platinum Mining21.93.693.25%
GENERAL MINING6,530.00-73.33-1.11%
Oil & Gas Producers 45,517.50-4415.20-8.84%
Basic Materials 21,267.1733.980.16%
Chemicals 21,830.53212.400.98%
Forestry & Paper 50,324.87862.251.74%
Industrial Metals 6,613.72332.345.29%
Industrials 44,773.65264.660.59%
General Industrials 160.621.170.73%
Consumer Goods 68,942.69310.730.45%
Automobiles & Parts 8,355.8522.640.27%
Household Goods544.0191.72%
Health Care 10,064.3368.190.68%
Beverages 229.823.631.60%
Index NameRPMove% Move
Food Producers 8,849.9086.860.99%
Personal Goods 1,053.40-20.77-1.93%
Consumer Services 16,003.98-85.00-0.53%
General Retailers 8,462.58-44.56-0.52%
Travel & Leisure 6,137.4222.500.37%
Media 378.34-2.96-0.78%
Support Services 3,356.2827.090.81%
Telecommunications 10,277.79176.471.75%
Financials 46,507.38313.770.68%
Banks 8,055.1450.890.64%
Non-life Insurance 55,076.92-74.02-0.13%
Life Insurance 43,494.66307.140.71%
General Financial 4,849.3522.860.47%
Technology 70,807.7232.790.05%
SHARIAH TOP40 3,455.36190.54%
FTSE/JSE SHARIAH ALL3,658.41200.56%
COAL MINING8,963.01-67-0.74%
FTSE JSE Fledgling 6,728.79500.74%
FTSE/JSE Alt X 1,443.81100.66%
RESOURCE 19,286.15-91-0.47%
DIVIDEND PLUS215.0210.55%
FTSE/JSE RAFI 409,465.03590.63%
Capped Top 4024,901.371040.42%
Capped All Share26,487.531050.40%
JSE TABACO 9,619.331361.43%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
12/08/2015MPACTJune 2015 (Interim)
12/08/2015ROCKCASTLEJune 2015 (Final)
13/08/2015ASCEN AJune 2015 (Final)
13/08/2015ASCEN BJune 2015 (Final)
13/08/2015CURROJune 2015 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ARROWA07/08/1528/08/1507/09/15ZAR 0.1890
ARROWB07/08/1528/08/1507/09/15ZAR 0.1890
LIB-HOLD07/08/1528/08/1507/09/15ZAR 2.5400
TRADEHOLD PREF06/08/1521/08/1501/09/15ZAR 0.1781
INDLU06/08/1528/08/1507/09/15ZAR 0.0621
Ex Div**
Share NameDec-DateLDTPay-DateAmount
IMPL CONV30/07/1506/08/1521/08/15ZAR 250.0000
HUDACO26/06/1506/08/1517/08/15ZAR 1.8000
ECSP C222/07/1506/08/1517/08/15ZAR 0.9075
ECSP C22/07/1506/08/1517/08/15ZAR 0.9075
ECSP A22/07/1506/08/1517/08/15ZAR 0.6849

Upcoming AGMs**
CodeCompany NameDateStatus
RBARBA Holdings Ltd.11/08/2015Confirmed
PCTPrescient Ltd.11/08/2015Confirmed
SOVSovereign Food Investments Ltd.12/08/2015Confirmed
HSPHoldsport Ltd.12/08/2015Confirmed
LDOLodestone REIT Ltd.12/08/2015Confirmed

Stock Exchange News Service
11/08/201517:50DELTA PROPERTY FUND LIMITED - Provision of financial assistance
11/08/201517:30EXXARO RESOURCES LIMITED - Revised terms and fulfillment of conditions precedent...
11/08/201517:24NIVEUS INVESTMENTS LTD - Posting of Circular and Notice of General Meeting
11/08/201517:04FORTRESS INCOME FUND LIMITED - FIFC21-Listing of New Instrument
11/08/201516:45FREEDOM PROPERTY FUND LTD - The Specific Issue of Shares, the disposal of Stelle...
11/08/201516:26LODESTONE REIT LIMITED - Dealings in securities by an associate of a director of...
11/08/201516:10IVUZI INVESTMENTS LIMITED - IVA539-Listing of Tap Issue
11/08/201516:05BRITISH AMERICAN TOBACCO PLC - Publication of Supplementary Prospectus
11/08/201516:05AFRICAN DAWN CAPITAL LIMITED - Renewal of cautionary
11/08/201515:58BSI STEEL LIMITED - Dealing in securities
11/08/201515:45SOVEREIGN FOOD INVESTMENTS LIMITED - Trading statement
11/08/201515:45CROOKES BROTHERS LIMITED - Approval of the Waiver of Mandatory Offer and update ...
11/08/201515:41MEDICLINIC INTERNATIONAL LIMITED - Results of general meeting
11/08/201515:19INVESTEC PROPERTY FUND LIMITED - Acquisition of a property portfolio from Zenpro...
11/08/201515:15OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
11/08/201515:00OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
11/08/201514:22BELL EQUIPMENT LIMITED - Unaudited interim report for the period ended 30 June 2...
11/08/201514:05PRESCIENT LIMITED - Directors Dealings
11/08/201514:00NET 1 UEPS TECHNOLOGIES INC - Zazoo expands virtual card reach in partnership wi...
11/08/201514:00EVRAZ HIGHVELD STEEL & VANADIUM LTD - Further Renewal of Cautionary Announcement
11/08/201514:00NVEST FINANCIAL HOLDINGS LIMITED - No change statement and information relating ...
11/08/201514:00PRESCIENT LIMITED - Results of Annual General Meeting
11/08/201514:00NEDBANK GROUP LIMITED - Dealings in securities by a director
11/08/201514:00OCEANA GROUP LIMITED - Declaration information relating to a renounceable rights...
11/08/201513:58MMI GROUP LTD - MGL01-Exercise of Early Redemption Option Notice
11/08/201513:30OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
11/08/201513:20HULAMIN LIMITED - Purchase of shares by director
11/08/201513:20OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
11/08/201513:15MMI GROUP LTD - MMIG04-05 Listing of New Instruments
11/08/201513:10MMI GROUP LTD - Raises R1.25 billion from the South African debt capital markets...
11/08/201513:00ESOR LIMITED - Dealing in Securities by a Director
11/08/201512:55THE SPAR GROUP LIMITED - Dealing in securities by The SPAR Group Limited Employe...
11/08/201512:50TSOGO SUN HOLDINGS LIMITED - Disposal of beneficial interests in Tsogo Sun secur...
11/08/201512:32RANDGOLD & EXPLORATION COMPANY LTD - Trading statement
11/08/201512:15INTU PROPERTIES PLC - Block Listing Six Monthly Return
11/08/201511:20EQSTRA HOLDINGS LIMITED - Acquisition of securities by Buculey Capital Managemen...
11/08/201511:09EQSTRA HOLDINGS LIMITED - Acquisition of securities by Midbrook Lane (Pty) Ltd, ...
11/08/201510:14VODACOM GROUP LIMITED - Vesting and sale of forfeitable shares
11/08/201510:00MONDI LIMITED - Employee share plans
11/08/201508:35OLD MUTUAL PLC - Dealing Disclosure by a person with relevant interests
11/08/201508:35CAPITAL & COUNTIES PROPERTIES PLC - Notification of major Interest in Shares
11/08/201508:30OLD MUTUAL PLC - Dealing Disclusure by a person with relevant interests
11/08/201508:25THE WATERBERG COAL COMPANY LTD - Request to ASX for Extension to Voluntary Suspe...
11/08/201508:20OLD MUTUAL PLC - Disclosure/Dealing Disclosure by a person with inteterests in r...
11/08/201508:00ASPEN PHARMACARE HOLDINGS LIMITED - Further announcement regarding the divestmen...
11/08/201507:30EASTERN PLATINUM LIMITED - News release
11/08/201507:06PICK N PAY HOLDINGS LIMITED - Dealing in securities by Directors
11/08/201507:05LEWIS GROUP LIMITED - Directors dealings in securities
11/08/201507:05PICK N PAY STORES LIMITED - Dealing in securities by Directors

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