|ARCInvest released their maiden final results, therefore there are no comparatives. Fair value movements on the investment in the ARC Fund at FVTPL came in at R794.7 million, profit for the period was recorded at R674.5 million, while headline earnings per ordinary share was 81 cents per share.|
|The following results are the company's maiden results since listing. Profit for the period came to R462.2 million, whilst headline earnings per share were 96cps.|
|Shareholders are advised that, owing to the nature of the business conducted by ArcInvest and its core strategic objective being to grow net asset value per share (?NAVPS?), the board of the company has decided to adopt NAVPS as the relevant performance measure for trading statement purposes for the interim period ended 31 December 2017 and going forward.|
As an investment entity, one of ArcInvest?s key business objectives is to deliver shareholders superior long-term capital appreciation by investing in a portfolio of public and privately owned investments at various stages of development. ArcInvest will not own a controlling interest in the majority of companies in which it invests.
Therefore, the sustainability of the NAVPS and growth thereon over a longer period of time is considered a more appropriate measurement of financial performance, in comparison to headline earnings per share and earnings per share.
ArcInvest undertakes to confirm the appropriateness of NAVPS as the performance measure annually in the annual financial statements.
Shareholders are further advised that the company?s interim results announcement will be released on SENS on or about Tuesday, 13 March 2018.
|ARCInvest was listed on the JSE on 7 September 2017. ARCInvest is a Limited Partner in the ARC Fund, an en-commandite partnership. Full details of the structure were disclosed in the Pre-Listing Statement published on 28 August 2017. |
Karabo Tshailane Nondumo has resigned as a non-executive director from the board of UBI General Partner (Pty) Ltd., the general partner of the ARC Fund, with effect from 6 November 2017.
|Sipho Abednego Nkosi has resigned as a non-executive director from the board of African Rainbow Capital Investments Ltd. with effect from 6 November 2017.|
Renosi Denise Mokate has been appointed as a non-executive director to the board of African Rainbow Capital Investments Ltd. with effect from 23 November 2017.
|African Rainbow Capital Investments Ltd. (ARC) is a South African registered investment holding company that seeks to utilise its empowerment credentials, balance sheet strength, the business track record of its leadership team and its brand to invest in financial services distribution businesses, to take strategic equity stakes in underlying financial services product providers and to acquire majority or significant minority interests in non-financial services businesses.|