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Voluntary Quarterly Intrinsic Net Asset Value (“NAV”) disclosure
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
("Brimstone" or the “Company”)
Voluntary Quarterly Intrinsic Net Asset Value (“NAV”) disclosure
A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 31 March 2020 is set out below.
Summary Change 31 March 2020 31 December 31 December 31 December 31 December
Dec 2019 to Mar 2019 2018 2017 2016
2020
(%)
Intrinsic NAV of Brimstone (Rm) (23.5) 2 559.2 3 344.5 3 899.6 4 317.9 5 133.9
Book NAV (Rm) (4.8) 2 394.4 2 516.2 2 713.4 2 782.0 2 427.1
Intrinsic NAV per share (cents) ¹ (23.3) 1 087.0 1 417.3 1 615.1 1 800.9 2 139.5
Fully diluted Intrinsic NAV per share (cents) ¹ (23.6) 1 075.6 1 408.3 1 598.8 1 750.9 2 043.1
Book NAV per share (cents) (4.8) 1 104.7 1 066.3 1 123.8 1 160.3 1 011.5
Market price per share (cents)
Ordinary shares (2.0) 750 765 1 050 1 300 1 299
‘N’ Ordinary shares (20.0) 620 775 949 1 125 1 200
Discount to Intrinsic NAV
Ordinary shares 31.0% 46.0% 35.0% 27.8% 39.3%
‘N’ Ordinary shares 43.0% 45.3% 41.2% 37.5% 43.9%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 31 March 2020 is set out below, including the valuation basis of each asset.
Where applicable, Intrinsic NAV is net of ring-fenced debt and potential CGT relating to that asset.
Asset % held Share Share Valuation basis Gross Debt CGT March March Gross December December Increase /
price at 31 price at 31 value (R'000) (R'000) 2020 2020 INAV/ portfolio 2019 2018 (Decrease)
March December (R'000) Intrinsic share weighting Intrinsic Intrinsic (%)
2020 2019 NAV (cents) (%) NAV NAV per
(R'000) (R'000) share
(cents)
Oceana 24.9% 55.00 61.55 Market value per share 1 787 891 (521 513) (94 023) 1 172 355 497.9 26.6 1 349 405 571.8 (12.9)
Sea Harvest ² 54.2% 13.00 14.55 Market value per share 2 073 096 - - 2 073 096 880.5 30.9 2 320 273 983.3 (10.4)
Life Healthcare5 3.4% 18.46 24.65 Market value per share 913 730 (1 275 344) (180 907) (542 522) (230.4) 13.6 (279 758) (118.6) 94.4
Life Healthcare Zero 100% Option valuation 439 397 - (98 425) 340 972 144.8 6.5 94 001 39.8 263.6
Cost Collar6
Equites 5.8% 16.55 20.00 Market value per share 577 538 - (28 568) 548 969 233.2 8.6 642 394 272.2 (14.3)
Grindrod Shipping 0.0% 56.17 97.00 Market value per share - - - - - 0.0 - - 0.0
Phuthuma Nathi 5.6% 84.50 107.40 Market value per share 320 327 - - 320 327 136.1 4.8 421 989 178.8 (23.9)
Multichoice Group 0.1% 84.38 116.50 Market value per share 39 682 - - 39 682 16.9 0.6 105 170 44.6 (62.2)
Stadio & Milpark 5.3% 1.20 2.00 Market value per share & 92 869 - - 92 869 39.4 1.4 127 721 54.1 (27.1)
cost
Investment properties 100.0% Capitalisation rate 71 234 - - 71 234 30.3 1.1 71 234 30.2 0.2
FPG Property Fund 10.0% Book value 175 106 - (9 473) 165 633 70.3 2.6 164 852 69.9 0.7
Lion of Africa 100.0% Book value - - - - - 0.0 - - 0.0
MTN Zakhele Futhi 1.5% 12.15 13.20 Market value per share 22 098 - - 22 098 9.4 0.3 24 008 10.2 (7.7)
Aon Re Africa 18.0% PE valuation 74 308 - (14 857) 59 450 25.3 1.1 40 835 17.3 45.9
House of Monatic 100.0% Adjusted book value 23 516 - - 23 516 10.0 0.4 23 516 10.0 0.2
Other investments Various Valuation 160 674 - (14 726) 145 948 62.0 2.4 99 612 42.2 46.8
Cash / (net debt) 100.0% Book value (61 145) (2 073 943) 160 704 (1 974 384) (838.6) (0.9) (1 855 906) (786.5) 6.6
6 710 319 (3 870 800) (280 276) 2 559 244 1 087 100.0 3 349 345 1 419 (23.4)
Grindrod – BEE 3 4 6.1% 4.45 7.46 Market value per share 206 302 (978 468) - - -
6 916 622 (4 849 267) (280 276) 2 559 244 1 087
Intrinsic NAV per share (cents) 2 850 (1 644) (119) 1 087
Asset % held Share Share Valuation basis Gross Debt CGT March March Gross December December Increase /
price at 31 price at 31 value (R'000) (R'000) 2020 2020 INAV/ portfolio 2019 2018 (Decrease)
March December (R'000) Intrinsic share weighting Intrinsic Intrinsic (%)
2020 2019 NAV (cents) (%) NAV NAV per
(R'000) (R'000) share
(cents)
Fully diluted Intrinsic NAV per share (cents) 2 815 (1 622) (117) 1 076
Notes:
1. Based on 235 million shares (December 2019: 236 million shares) in issue, net of treasury shares as calculated below:
Number of shares in Fully diluted number
issue of shares
Gross number of shares in issue 251 188 321 251 188 321
Treasury shares (fully diluted number is net of notionally realised shares issued to staff and management share trusts and FSPs) (15 744 390) (12 591 841)
Net shares in issue for INAV purposes 235 443 931 238 596 480
2. No CGT provided on shareholding in Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act.
3. Due to the limited recourse nature of the Grindrod BEE funding structure, Brimstone's investment is shown at a minimum value of zero.
4. Brimstone now holds a combination of Grindrod Limited and Grindrod Shipping shares. Price shown calculated on a pro forma basis.
5. Brimstone has entered into a securities lending arrangement with Nedgroup Securities. At the end of the lending arrangement, Nedgroup Securities will be obligated to return the shares to
Brimstone.
6. The Zero Cost Collar derivative over Life Healthcare investment was valued as at 31 March 2020.
The INAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2019, which is available on the Company’s website at
www.brimstone.co.za.
The above information is the responsibility of the directors and has not been reviewed or reported on by the Company’s auditors.
31 July 2020
Sponsor
Nedbank Corporate and Investment Banking
Date: 31-07-2020 08:00:00
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