|The following are the company's maiden interim results following listing therefore there are no comparatives. Revenue was R84.1 million, profit from operations was recorded at R49.6 million and profit attributable to equity holders of the parent came to R9.4 million. Furthermore, headline earnings per share was 4.65 cents per share.|
The board has decided not to declare an interim dividend.
The results for the period under review contain several 'once off' items that will not recur in future periods. In addition, the results of Reward have only been consolidated into Mettle for three and a half months. As such, the directors expect the results for the 6 months ended 28 February 2019 to more accurately reflect the true operational potential of the Group's business.
Given the reliance of Mettle on the performance of Reward, the outcome of the Brexit negotiations is a source of both risk and opportunity. Once the Brexit negotiations have been finalised, the directors will be able to make a more accurate assessment of the potential impact on the business.
All businesses have sufficient facilities in place to support growth for the foreseeable future.
Mettle has concluded agreements for the acquisition of an indirect 49% shareholding in, and certain loan claims against, Christopher Finance (Pty) Ltd. as announced on SENS on 5 November 2018 (refer to note 8).
Any reference to future financial performance included in this statement has not been reviewed or reported on by the Group's external auditors and does not constitute an earnings forecast.
|The board of directors of Mettle ("the Board") is pleased to announce that it has concluded agreements with, amongst others, the trustees for the time being of the Andia Trust and the Viola Trust ("the CF Sellers"), being the shareholders of Imali Medical Claims (Pty) Ltd. ("Imali"). Once fully implemented, Mettle will indirectly own a 49% shareholding in Christopher Finance (Pty) Ltd. ("CF") and loan claims against CF. This is conditional upon the management of CF, which is currently being outsourced to Christopher Consulting (Pty) Ltd. ("CC"), being internalised ("collectively the Transactions").|
The first transaction entails Mettle acquiring an effective 49% shareholding in CF for R17.7 million through the acquisition by it of all the shares in Imali ("the First Transaction"). Imali owns 50% of the issued share capital of CF. In addition, Mettle will as part of the First Transaction, also purchase the loan claims against Imali from the CF Sellers for their face value, being R9.9 million. The purchase price of these shares and loans will be settled in cash. Mettle will obtain warranties and representations from the CF Sellers as well as Christopher Holdings (Pty) Ltd. ("CH"), the other shareholder in CF, that are usual for transactions of this nature. As part of the First Transaction, Imali will sell 1% of the issued share capital of CF to CH for R404,538 payable in cash, thereby decreasing its interest from 50% to 49%.
The second transaction entails CF acquiring the business of CC from CC as a going concern for a maximum amount of R15 million. This purchase price will remain owing on an interest-bearing loan account. CF will obtain warranties that are normal for a transaction of this nature as well as certain profit warranties from CC in respect of the business of CC ("the Second Transaction"). Other terms and conditions applicable to the First and Second Transactions are normal for a transaction of this nature.
|Shareholders are hereby notified that, in accordance with the JSE Listings Requirements, the company?s annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 (read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013), is available on the company?s website: https://mettleinvestments.com/investor-information/b-bbee|
|Shareholders are advised that Mr Herman Troskie has resigned from his position as lead independent non-executive director of Mettle with effect from 12 September 2017.|
Mr Raymond Fenner will join the board of Mettle with effect from 18 September 2018 and will replace Mr Troskie as lead independent non-executive director and will also be the chairman of the audit and risk committee.
|Shareholders are referred to the announcement released on SENS on 7 August 2018 regarding, inter alia, the results of the annual general meeting held on that date and are advised that the names of the members appointed to the Audit and Risk Committee were incorrectly reflected thereon and should read as follows:|
Members of the Audit and Risk Committee:
|Shareholders are advised that at the Annual General Meeting of Mettle shareholders held today, 07 August 2018, the special and ordinary resolutions proposed thereat, were approved by the requisite majority of votes as set out below. The total number of Mettle ordinary shares in issue is 247 174 375 shares of which 161 983 815 shares were voted at the Annual General Meeting, representing 66%.|
Shareholders are advised that at the General Meeting of Mettle shareholders held today, 07 August 2018, the ordinary resolutions proposed thereat, were approved by the requisite majority of votes as set out below. The total number of Mettle ordinary shares in issue is 247 174 375 shares of which 162 437 456 shares were voted at the General Meeting, representing 66%.
|Shareholders are notified that a circular, setting out information relating to the adoption of an Employee Share Option Scheme, was posted on 10 July 2018, to ordinary shareholders registered as such on Friday, 29 June 2018 (?Circular?).|
An electronic copy of the Circular is available on the Company?s website mettleinvestments.com/wp-content/uploads/2018/07/mettle-investments-circular- 180710.pdf.
Notice of the general meeting
Notice is hereby given that a general meeting will be held in the boardroom, located on the 3rd Floor of the Pepkor Building at 36 Stellenberg Road, Parow Industria, Cape Province on Tuesday, 07 August 2018 (the ?General Meeting?) at the later of 11:00 and the closing time of the Company?s annual general meeting scheduled for the same day.
Salient dates and times for the general meeting is set out below:
*Last day to trade in order to be eligible to vote at the general meeting - Tuesday, 24 July 2018
*Record date in order to vote at the general meeting - Friday, 27 July 2018
*Receipt of Forms of Proxy - Friday, 03 August 2018
*Any proxies not lodged by this time may be handed to the chairperson of the general meeting prior to the commencement of the general meeting.
|Shareholders are advised that the Company?s audited annual financial statements and Integrated Annual Report for the year ended 28 February 2018 are available on the Company?s website at www.mettleinvestments.com. Neither the audited annual financial statements nor the audit report contain any modifications to the summarised audited results, published on SENS on 31 May 2018. Shareholders are further advised that the Company?s Integrated Annual Report will be posted to shareholders . |
Notice of the Annual General Meeting
*Notice is hereby given that the annual general meeting (?AGM?) of shareholders will be held in the boardroom, located on the 3rd floor of the Pepkor Building at 36 Stellenburg Road, Parow Industria, at 10:00 on Tuesday, 07 August 2018.
*Record date for determining those shareholders entitled to receive the notice of AGM Friday, 22 June
*Last day to trade in order to be eligible to participate in, and vote at the AGM Tuesday, 24 July
*Record date (for voting purposes at the AGM) Friday, 27 July
*Forms of proxy for the AGM to be lodged by 10:00 on# Friday, 03 August
#Any proxies not lodged by this time may be handed to the chairperson of the AGM immediately prior to the commencement of the AGM.
|The following are the company's maiden results following its listing therefore there are no comparatives. Revenue for the year was R44.2 million. Profit from operations came to R17.5 million. Total comprehensive income attributable to equity holders of the company was recorded at R15.8 million. Furthermore, headline earnings per share was 16.11 cents per share.|
|Mettle is known for innovation in the creation of specialised financial solutions.|
With clients ranging from international corporates to small and medium enterprises and individuals, clients experience a different kind of insight from Mettle. This level of vision and considered intuition can also be found in Mettle?s investments.
Mettle is wholly owned by Tradehold Ltd., an investment holding company on the main board of the JSE.