|Master Plastics shareholders are advised in terms of paragraph 3.78 of the JSE Listings Requirements that Grant Thornton Johannesburg have been appointed as the Company?s external auditors for the current financial year ending 28 February 2018, with Mr Rudi Huiskamp as the designated audit partner, replacing Deloitte - Touche.|
The change in audit firm, effective immediately, was initiated by Master Plastics to align the cost structures to the size of the Company, following the unbundling of Master Plastics from Astrapak Ltd. at the end of May 2017.
|The board of directors of Master Plastics (?the board?) hereby notifies its shareholders, that with immediate effect:|
* Mrs. Sibongile Masinga has been appointed as an Independent Non-Executive Director and Chairperson of the Audit Committee of the Company.
* Mr. Thabo Mokgatlha, currently an Independent Non-Executive Director, Chairman of the Audit Committee and Acting Chairman of the Board, has been appointed as Chairman of the Board and has accordingly resigned from his role as Chairman of the Audit Committee, to be filled by Sibongile.
|The board of directors of Master Plastics (?the Board?) notified its shareholders that Ms Phumzile Langeni has resigned as an Independent Non-Executive Director and Chairperson of the Board to focus on her business interests.|
Shareholders are advised that Mr Thabo Mokgatlha, currently an Independent Non-Executive Director, has been appointed as Acting Chairman of the Board with immediate effect. The process to appoint a permanent Chairman of the Board is ongoing and shareholders will be advised once such an appointment has been made.
|Shareholders are advised that, at the annual general meeting of Master Plastics held, all the resolutions as set out in the notice of annual general meeting were passed by the requisite majority of shareholders. The number of shares voted in person or by proxy was 86 182 528, representing 72.81% of the total issued share capital of the same class of Master Plastics shares.|
|The following are the company's maiden results and are, therefore, incomparable. Revenue for the period came to R236.0 million whilst gross profit was R52.5 million. Profit from operations of R20.7 million was recorded and profit for the period was R15.6 million. In addition, headline earnings per share were 12.2cps.|
On 12 May 2017, Master Plastics declared a dividend of R75.0 million to Astrapak Ltd., its sole shareholder at the date of the dividend declaration.
The Group will continue to focus on the execution of its stated business strategy and look to invest in opportunities to enhance efficiency and in support of organic growth being led by the existing customer base. Recent interest rate cuts may eventually result in an increase in consumer spending, which will help to further improve the level of activity within operations.
The recent storms in oil rich areas of the United States of America have already filtered through to polymer prices and the industry has seen and been cautioned by suppliers on further potential adverse movements in polymer pricing in the event of further world-wide supply tightening.
Despite trading conditions remaining challenging due to a weak economic outlook, the Group remains confident that the exposure to more defensive market segments and a continued focus on operational performance will continue to support and underwrite its strategic efforts.
|The board of directors of Master Plastics notified its shareholders of the appointment of Mr Peter Rowse as an alternate director to non-executive director, Mr Paul Botha, with effect from 11 September 2017.|
|Shareholders are advised that Master Plastics? Integrated Annual Report for the year ended 28 February 2017 has been distributed to shareholders today, 31 August 2017 and is available on the Company?s website, www.masterplasticsgroup.com. The Integrated Annual Report contains no modifications to the condensed consolidated financial statements published on SENS on 26 May 2017. |
The annual financial statements were audited by the Company?s auditors, Deloitte - Touche, and their unmodified report is available for inspection at Master Plastics? registered office.
Notice is hereby given to the shareholders of the Company that the annual general meeting (?AGM?) of the Company will be held at Protea Hotel Fire - Ice, situated at Melrose Arch, Sandton, Johannesburg, on Friday, 29 September 2017, at 10:00, to transact the business as stated in the notice of the AGM, which is contained in the Integrated Annual Report.
The record date in terms of section 59 of the Companies Act for shareholders to be recorded on the securities register of the Company in order to be able to attend, participate in and vote at the AGM is Friday, 22 September 2017. Accordingly, the last day for shareholders to trade in order to be able to attend, participate in and vote at the AGM is Tuesday, 19 September 2017. The record date for shareholders to be entitled to receive the notice of AGM is Friday, 25 August 2017.
Shareholders are further advised that the Company?s annual compliance report in terms of Section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act No. 46 of 2013, is available on the Company?s website www.masterplasticsgroup.com.
|Shareholders are advised that, at the General Meeting convened in terms of the notice of General Meeting to shareholders dated 5 May 2017 which was held today, all the resolutions were passed by the requisite majority of shareholders. The number of shares voted in person or by proxy was 120 816 915 representing 89.41% of the total issued share capital of the same class of Master Plastics shares.|
|Masplast released its maiden final results following its listing in May 2017. As Masplast was only established during the financial period ended 28 February 2017, no comparative figures are presented. Revenue was recorded at R9.4 million, gross profit was R2.0 million and loss from operations came to R0.9 million. Loss for the period was R0.6 million. Furthermore, headline loss per share was 13.9 cents per share.|
The group will continue to focus on the execution of its stated business strategy and invest in opportunities to enhance efficiency and in support of organic growth being experienced by the existing customer base.
Trading conditions remain challenging in an economy with a rather depressed outlook, but the group is confident that the exposure to more defensive market segments and a continued focus on operational performance will support and underwrite its strategic efforts.
|Master Plastics consists of a group of companies involved in the manufacture and provision of various products and solutions to customers operating in the agricultural, food, produce, dairy and general industrial markets. Its offering extends beyond just traditional plastic products, also being a market leader in the supply and design of undercover farming nets and structures, and geotextile fibres for concrete reinforcement. The Master Plastics Group will continue to explore opportunities to better service its chosen end markets and provide a broader range of its customer?s requirements. |
Master Plastic?s vision is to be recognised as a niche player operating in growth market sectors and delivering above average returns. The company?s mission is to create value by meeting and exceeding customer requirements in producing and supplying innovative and technologically advanced flexible products on-time, in-full and to a specified standard.
The company?s key corporate goals are summarised as follows:
*To be a focused Group of companies specialising in the manufacturing and supply of specialised and innovative products and services.
*To increase market share in fast-growing and defensive segments of the market.
*To provide rapid, flexible and effective customer service.
*To expand locally and internationally in our traditional core businesses.
*To boost growth through value-added acquisitions and partnerships.
*To be the preferred employer within industry.