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Change Statement and Notice of Annual General Meeting
Primeserv Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
Share code: PMV ISIN: ZAE000039277
(“Primeserv” or “the Company”)
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the Company’s Integrated Report, incorporating the audited financial
statements for the year ended 31 March 2017, was distributed to shareholders today, 29 September
2017. These annual financial statements contain two adjustments when compared to the reviewed
results which were published on SENS on 23 June 2017. The effects of the adjustments are presented
in the table below:
Reviewed Audited
23 Jun 2017 Change 28 Sep 2017
R ‘000 R ‘000 R ‘000
Headline Earnings
The headline earnings per share as per the reviewed results published on SENS on 23 June 2017 did
not take into account items requiring adjustment and which are presented
below:
Attributable earnings 16 008 - 16 008
Headline earnings adjustments (net of tax
effect)
Loss on disposal of fixed assets - 171 171
Impairment of investment in property - 466 466
Impairment of intangible assets - 234 234
Attributable headline earnings 16 008 871 16 879
Headline earnings per share (cents) 17.77 0.97 18.74
Goodwill
Subsequent to the publication of the reviewed results on SENS on 23 June 2017, a final goodwill
amount relating to the acquisition of contracts, was determined and has resulted in an adjustment
to goodwill of R356 000. As the underlying amount was paid after the year end there was no effect
on earnings or cash flow. In order to provide clarity on the adjustment we present below the updated
statement of financial position compared to the reviewed results as previously published.
ASSETS
Non-current assets 42 936 356 43 292
Equipment and vehicles 3 513 - 3 513
Investment property 7 045 - 7 045
Goodwill 20 822 356 21 178
Deferred tax asset 11 556 - 11 556
Current assets 132 781 - 132 781
Inventories 177 - 177
Trade receivables 125 651 - 125 651
Other receivables 4 256 - 4 256
Taxation receivable 634 - 634
Cash and cash equivalents 2 063 - 2 063
Total assets 175 717 356 176 073
EQUITY AND LIABILITIES
Equity 106 170 - 106 170
Capital and reserves 114 426 - 114 426
Non-controlling interest (8 256) - (8 256)
Current liabilities 69 547 356 69 903
Trade and other payables 31 454 356 31 810
Bank borrowings 38 093 - 38 093
Total equity and liabilities 175 717 356 176 073
Annual General Meeting
Notice is hereby given, in terms of section 62(1) of the Companies Act, 71 of 2008 (as amended) (“the
Act”), that the annual general meeting of the shareholders of Primeserv Group Limited
(“Primeserv”/”the Company”) will be held at Protea Hotel Wanderers, Corner of Corlett Drive and
Rudd Road, Johannesburg at 09:30 on Friday, 17 November 2017 to transact the business of the
meeting as set out in the Notice of Annual General Meeting which is contained in the Integrated
Annual Report.
The record date on which shareholders must be registered as such in the Company’s securities register
determining which shareholders are entitled to attend and vote at the annual general meeting is
Friday, 10 November 2017.
The Company’s Integrated Annual Report will also be made available on its website
www.primeserv.co.za.
Johannesburg
29 September 2017
Sponsor
Grindrod Bank Limited
Date: 29/09/2017 10:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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