Wrap Text
Proposed Absa B-BBEE Transaction
ABSA GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1986/003934/06)
JSE share code: ABG
ISIN: ZAE000255915
Bond issuer code: ABGI
(“Absa Group” or “Group” or “Absa”)
PROPOSED ABSA B-BBEE TRANSACTION
Shareholders are advised that Absa proposes to enter into a transaction for 7% of its issued
share capital (post the issuance of new shares), comprising:
- a Corporate Social Investment (“CSI”) trust (the “CSI Trust”) for 4% of Absa’s issued
share capital (post the issuance of new shares), which will constitute a broad-based
ownership scheme as contemplated in the Financial Sector Code (the “CSI Scheme”);
and
- a staff trust (the “Staff Trust”) for 3% of Absa’s issued share capital (post the issuance
of new shares), which will be an equity-settled staff incentivisation scheme for staff
members of Absa group companies in South Africa (the “SA Staff Scheme”),
equating to c. R11,162 million based on the 10-day volume weighted average price (“10-day
VWAP”) of R178.29 as at 22 March 2023 (“Reference Share Price”), subject to the conditions
precedent outlined in paragraph 5 below (the “Proposed B-BBEE Transaction”).
Both the CSI Scheme and the SA Staff Scheme will enhance Absa’s Broad-Based Black
Economic Empowerment (“B-BBEE”) credentials and assist Absa in achieving the equity
ownership targets set out in the Financial Sector Code, such that Absa and its South African
subsidiaries, including Absa Bank Limited (“Absa Bank”), can sustainably achieve at least
25% ownership by black people (as defined in legislation in South Africa).
In recognition of the valued role that all staff play in the group’s success it is proposed that
staff of Absa group companies outside South Africa will also participate, via a cash-settled
phantom share staff incentivisation scheme in their respective jurisdictions equivalent in size
in aggregate to approximately 1% of Absa’s issued share capital (post the issuance of new
shares) (“Ex-SA Staff Schemes”).
The Proposed B-BBEE Transaction and the Ex-SA Staff Schemes are referred to collectively
as the “Transactions”.
Shareholders will be asked to approve the issue of Absa shares envisioned to give effect to
the Proposed B-BBEE Transaction.
1. RATIONALE FOR THE TRANSACTIONS
The Proposed B-BBEE Transaction is intended to benefit (i) a broad range of B-BBEE
beneficiaries from previously disadvantaged communities across South Africa, and (ii) all
eligible staff in South Africa, with approximately 82% of the value of the SA Staff Scheme
attributable to African, Indian and Coloured (“Black”) staff.
Both the CSI Scheme and the SA Staff Scheme will enhance Absa’s B-BBEE credentials and
assist Absa in achieving the equity ownership targets set out in the Financial Sector Code that
require Absa’s South African subsidiaries, including Absa Bank Limited (“Absa Bank”), to
have at least 25% Black ownership.
Notwithstanding Absa’s current Level 1 B-BBEE rating, Absa’s current Black equity ownership
per the B-BBEE scorecard in respect of the 2022 financial year is 17.44%. Following the
implementation of the Proposed B-BBEE Transaction, Absa expects to increase its Black
equity ownership to be sustainably above 25%. The Proposed B-BBEE Transaction is also
expected to contribute approximately 6.75 additional ownership points to Absa’s scorecard,
leaving it sustainably with a Level 1 B-BBEE rating.
Absa believes it is imperative to recognise the valued role all staff play in Absa’s success by
including staff of non-South African subsidiaries in the Ex-SA Staff Schemes, which will
contain terms and provisions that will be broadly equivalent to the terms proposed for the
South African staff in the SA Staff Scheme.
2. OVERVIEW OF PARTICIPANTS
Participation in the Transactions will be broad-based and will be split between communities
and Absa staff.
2.1 CSI Scheme
The CSI Trust will operate for the benefit of a broad range of beneficiaries from previously
disadvantaged communities across South Africa. The beneficiaries will be selected and
reviewed annually, in accordance with the trust deed of the CSI Trust, and will, where practical,
take cognisance of Absa’s Active Force For Good strategy.
The CSI Trust will constitute a broad-based ownership scheme as contemplated in the
Financial Sector Code. The CSI Trust will be “evergreen” and it is intended that it will be an
ongoing partner to Absa in contributing to the enhancement of the broader South African
communities within which Absa operates.
The CSI Trust will focus on education and youth employability and any change in focus will
require compliance with formal requirements, including the prior written consent of Absa. The
selection process of the beneficiaries will be robust with defined processes and governance.
2.2 Staff Schemes
2.2.1 SA Staff Scheme (South Africa)
The SA Staff Scheme will be an inclusive scheme and will therefore, from the outset, include
all of Absa’s approximately 26,000 eligible permanent staff members in South Africa,
regardless of race or nationality. The SA Staff Scheme will, however, be structured to enhance
the participation of the approximately 20,500 eligible South African Black staff members who
will receive an additional 20% allocation relative to white and foreign staff.
2.2.2 Ex-SA Staff Schemes (outside of South Africa)
Absa believes it is imperative to recognise the valued role all staff play in Absa’s success by
inviting Absa group companies outside South Africa to participate via cash-settled staff
schemes in their respective jurisdictions, which will contain terms and provisions that will be
notionally equivalent to the terms proposed for the SA Staff Scheme.
3. STRUCTURE OF THE TRANSACTIONS
The Proposed B-BBEE Transaction will comprise two parts:
- The CSI Scheme for 4% of Absa’s issued share capital (post the issuance of the new
shares), which will constitute a broad-based ownership scheme; and
- The SA Staff Scheme for 3% of Absa’s issued share capital (post the issuance of the
new shares), which will be an equity-settled staff incentivisation scheme for staff of
Absa group companies in South Africa.
The 7% or 62.6 million Absa shares (the “Transaction Shares”) to be included in the
Proposed B-BBEE Transaction will be sourced from:
- The existing approximately 16.0 million Absa shares currently held in the Absa
Empowerment Trust (“AET”), 12.7 million of which were obtained as part of the
separation from Barclays PLC in 2017 and the balance of which were subsequently
acquired by the AET using dividends received from its existing Absa shares. These
shares are currently held by Newshelf 1405 (RF) Proprietary Limited (“Newshelf
1405”) (“Existing Shares”); and
- 46.6 million new Absa shares which will, if approved by Absa shareholders, be sourced
through a specific issue of shares for cash to Newshelf 1405 by Absa (the “Specific
Issue Shares”) at a price equal to the 10-day VWAP ending on the last practical date
before the Proposed B-BBEE Transaction is implemented on 1 September 2023.
The Staff Trust and the CSI Trust will hold their interest in Absa through ordinary and A shares
in Newshelf 1405, respectively. The ordinary shares held by the Staff Trust will benefit from
existing cash within Newshelf 1405 at the Effective Date which, together with the new
preference share funding from Absa and the capital contribution from Absa Bank referred to
below, will indirectly entitle the Staff Trust, as ordinary shareholder, to 26.8 million Absa shares
on a look-through basis. The A shares to be held by the CSI Trust will benefit from the Existing
Shares held by Newshelf 1405 at the Effective Date which together with the new preference
share funding will indirectly entitle the CSI Trust, as an A share shareholder, to 35.8 million
Absa shares on a look-through basis.
Through the rights attaching to the ordinary and A shares in Newshelf 1405 respectively, the
Staff Trust and the CSI Trust will effectively enjoy the net economic benefit of the Absa shares
(being 3% in relation to the Staff Trust and 4% in relation to the CSI Trust). The ordinary and
A shares in Newshelf 1405 will in aggregate have equal voting rights so neither the Staff Trust
nor the CSI Trust will control Newshelf 1405. The board composition of Newshelf 1405 will
provide for representatives from the Staff Trust, the CSI Trust, and Absa as well as 1
independent director.
The Ex-SA Staff Schemes will be cash-settled phantom share staff incentivisation schemes
equivalent in value to approximately 1% in aggregate of Absa’s issued share capital for staff
of Absa group companies outside South Africa.
3.1 CSI Scheme
The CSI Trust will hold 100% of the A shares in Newshelf 1405. This will be equivalent to an
indirect interest of 4% in Absa’s enlarged issued share capital immediately after
implementation of the Transactions.
The CSI Trust will conduct “public benefit activities” as defined in section 30(1) of the Income
Tax Act, 58 of 1962 (“Act”) and will apply for registration as a “public benefit organisation”, as
defined in section 30(1) of the Act.
The CSI Scheme will be “evergreen”, and from inception the CSI Trust will benefit (i) directly
from its attributable share of a trickle dividend, which will equate to approximately 25% of the
annual Absa dividend in respect of the indirect shareholding in Absa held by the CSI Trust
(subject to a minimum loan to value cover ratio being maintained), and (ii) indirectly in that
Newshelf 1405 will use the balance of the Absa dividend it receives to service and pay down
related funding.
3.2 Staff Schemes
3.2.1 SA Staff Scheme
The Staff Trust will hold 100% of the ordinary shares in Newshelf 1405. This will be equivalent
to an indirect interest of 3% in Absa’s enlarged issued share capital immediately after
implementation of the Transactions.
The SA Staff Scheme will be open to all eligible permanent staff of Absa group companies in
South Africa, including white and foreign staff, who are employed on 1 September 2023, as
well as eligible permanent staff who join between 1 September 2023 and 31 August 2026. It
is anticipated that approximately 82% of the value of the SA Staff Scheme will be for the benefit
of Black staff.
The allocations to staff of Absa group companies in South Africa will primarily be funded by
Absa Bank (or the relevant South African Absa employing company), with the intention being
that an equal amount of funding will be provided for each participating staff member. Black
staff will receive an allocation which is approximately 20% higher than that for white and
foreign staff in South Africa, with this additional allocation for Black staff funded from the
existing cash resources of Newshelf 1405.
Participating staff will be awarded notional units in the Staff Trust corresponding to an
allocation of the underlying Absa shares held by Newshelf 1405, net of the value of the related
preference share funding in Newshelf 1405. The award of notional units in the Staff Trust to
participating staff will be for no consideration.
During the period of the SA Staff Scheme, the participants will benefit (i) directly from their
attributable share of a trickle dividend paid to the Staff Trust, which will equate to
approximately 25% of the annual Absa dividend in respect of the indirect shareholding held
by the Staff Trust, net of any applicable taxes, and (ii) indirectly in that Newshelf 1405 will use
the balance of the Absa dividend it receives to service and pay down related funding.
Except in certain limited circumstances, a staff member will cease to be a participant of the
SA Staff Scheme if they cease to be employed by an Absa group company prior to the vesting
date. Notional units in the Staff Trust forfeited prior to the vesting date will be retained in the
Staff Trust and reallocated to eligible staff who join in the first three years of the SA Staff
Scheme on a first-come-first-served basis, such that the new staff receive an allocation equal
to that received by participating staff on 1 September 2023.
The SA Staff Scheme’s Absa shares will vest to the participants after 5 years, at which time
the participants will become direct and beneficial holders of unencumbered shares in Absa.
At vesting, a portion of the Staff Trust’s indirect 3% stake in Absa will be crystalised to raising
funding to enable Newshelf 1405 to:
- settle the then outstanding preference share funding applicable to the Staff Trust’s
shareholding in Newshelf 1405; and
- pay cash to the Staff Trust to allow staff members it to settle their personal income tax
liability arising from the vesting.
Staff will receive their net Absa shares upon vesting (after settling outstanding funding and
taxes) as a distribution from the Staff Trust.
3.2.2 Ex-SA Staff Schemes
The value of all of the Ex-SA Staff Schemes will be equivalent to approximately 1% of the
issued share capital of Absa and will be funded by each participating Absa group company
outside South Africa.
Subject to the approval of the respective boards of the participating Absa group companies
outside of South Africa and any other relevant approvals required, individual schemes will be
set up for each participating non-South African group company, with the intention that
participating staff will receive an allocation in cash (not Absa shares) of the same value and
on terms similar to that of all the SA Staff Scheme participants (not including the additional
20% allocation for Black South African staff) and that vesting will also be after 5 years.
The use of separate Ex-SA Staff Schemes in each participating Absa group company
jurisdiction outside of South Africa will allow Absa to enable broad staff participation while
providing flexibility to accommodate the complex tax and funding issues relating to the number
of jurisdictions involved.
3.3 Overview of the funding
The CSI Scheme and the SA Staff Scheme will be funded, assuming the Reference Share
Price, as set out below:
R’million CSI Scheme SA Staff Proposed
Scheme B-BBEE
Transaction
Existing Absa shares held by 2,849 - 2,849
Newshelf 1405
Cash from Absa employer - 1,807 1,807
companies in South Africa
Existing cash in Newshelf 1405 - 330 330
Total Ordinary Equity 2,849 2,137 4,986
Cash from Absa Group,
subscription for preference shares 3,529 2,647 6,176
in Newshelf 1405
Total Equity 6,378 4,784 11,162
Loan to value 55.3% 55.3% 55.3%
The ordinary equity funding will comprise:
- the Existing Shares held by Newshelf 1405, comprising Absa shares obtained as part
of the agreed separation from Barclays PLC as well as Absa shares subsequently
purchased using dividends received, to be applied for the benefit of the CSI Trust;
- a cash contribution from Absa employer companies in South Africa, to fund the
participation of qualifying staff in South Africa equally; and
- the existing cash in Newshelf 1405, to fund the 20% additional allocation to
participating Black staff.
The remaining funding required for the Proposed B-BBEE Transaction will be in the form of
preference shares issued to Absa Group by Newshelf 1405, which have been priced and
structured on arms-length commercial terms. The key terms of the preference shares are set
out below:
Salient Features – Based on Reference Share Price
Senior Mezzanine
Subscription Amount R4,465 million R1,711 million
Tenor 5 years
Pricing Mechanics
Senior Preference Share Dividend 72% -
Rate (% of Prime)
Mezzanine Preference Share - 90%
Dividend Rate (% of Prime)
The senior preference shares issued to Absa will be secured by the underlying Absa ordinary
shares held by Newshelf 1405 and will be subject to market-related net asset value cover
trigger levels of 1.75x. This is waivable by Absa Group at its election.
The initial loan to value ratio within Newshelf 1405 will be approximately 55%, comprising the
senior (c. 40%) and mezzanine (c. 15%) preference shares. As such, the Proposed B-BBEE
Transaction will be sustainably geared from the outset. The intention is for the preference
share funding to be paid down over time from dividends received by Newshelf 1405 on the
underlying Absa shares, after allowing for the servicing of the preference share coupon and
for 25% trickle dividends (subject to a minimum loan to value ratio being maintained) to flow
to the CSI Trust and the Staff Trust. The more expensive mezzanine tranche will be paid
down first.
4. FINANCIAL EFFECTS OF THE TRANSACTIONS
4.1 Assumptions on which the Pro forma Financial Effects of the Transactions are
based
- The Absa Ordinary Share price used for purposes of calculating the IFRS 2 Share-
based Payment (“IFRS 2”) charge relating to the SA Staff Scheme and the Ex-SA
Staff Schemes is the Reference Share Price;
- The calculation of the expense relating to the CSI Scheme assumes that the trickle
dividend is utilised immediately to fund CSI activities; and
- The IFRS 2 charge is calculated using a Monte Carlo option pricing simulation with
the Reference Share Price. The final IFRS 2 charge will be calculated with
reference to the share price at the time of the implementation of the Transactions.
4.2 IFRS charge and accounting treatment on which the Pro forma Financial Effects
of the Transactions are based
- Newshelf 1405, the CSI Trust and the Staff Trust will be consolidated by Absa and
the relevant Absa ordinary shares held by Newshelf 1405 are treated as treasury
shares for accounting purposes;
- For illustrative purposes, the IFRS 2 charge relating to the SA Staff Scheme and
the Ex-SA Staff Schemes are based on the Reference Share Price. The estimated
total cost, which includes the SA Staff Scheme and the Ex-SA Staff Schemes, is
estimated at R3,001 million before taxation which will be recognised over the 5-
year vesting period. The SA Staff Scheme IFRS 2 charge is R2,251 million and
the cost of the Ex-SA Staff Schemes is expected to be R750 million in respect of
the phantom shares, recognised over the 5-year scheme period; and
- Any distributions made to the CSI Trust beneficiaries will be expensed as an
operating expense in Absa’s consolidated income statement.
4.3 Pro forma Financial Effects of the Transactions
The purpose of the table below is to illustrate the unaudited pro forma financial effects of the
Proposed B-BBEE Transaction on a stand-alone basis, and cumulatively the Transactions, on
Absa’s basic earnings per share, diluted earnings per share, basic headline earnings per
share, diluted headline earnings per share, net asset value per share and net tangible asset
value per share, based on the audited consolidated financial results of Absa for the 12 months
ended 31 December 2022.
The pro forma financial effects of the Proposed B-BBEE Transaction on a stand-alone basis,
and cumulatively the Transactions, have been prepared using accounting policies that comply
with International Financial Reporting Standards and that are consistent with those applied in
Absa’s published audited consolidated financial statements for the 12 months ended 31
December 2022.
The pro forma financial effects of the Proposed B-BBEE Transaction on a stand-alone basis,
and cumulatively the Transactions, are the responsibility of Absa’s directors and were
prepared for illustrative purposes only and, because of their nature, may not fairly present
Absa’s financial position, changes in equity, results of operations or cash flows, nor the effect
and impact going forward.
The pro forma financial effects on Absa’s basic earnings per share, diluted earnings per share,
basic headline earnings per share and diluted headline earnings per share have been
prepared on the assumption that the implementation of the Transactions occurred with effect
from 1 January 2022, while the pro forma financial effects on Absa’s net asset value per share
and net tangible asset value per share have been prepared on the assumption that the
implementation of the Transactions occurred on 31 December 2022. The information
presented below does not purport to be indicative of what the financial results would have
been had the Transactions been implemented on a different date.
Before the Pro forma Percentage Pro forma Percentage
Transactions after the change (%) after the change (%)
Proposed Transactions
B-BBEE
Transaction
Basic earnings per
Absa Group Share 2,478.3 2,414.7 -2.6% 2,402.8 -3.0%
(cents)
Diluted earnings
per Absa Group 2,474.7 2,404.1 -2.9% 2,392.2 -3.3%
Share (cents)
Headline earnings
per Absa Group 2,443.2 2,379.7 -2.6% 2,367.7 -3.1%
Share (cents)
Diluted headline
earnings per Absa 2,439.7 2,369.2 -2.9% 2,357.3 -3.4%
Group (cents)
Net asset value per
Absa Group Share 16,255 16,247 -0.0% 16,247 -0.0%
(cents)
Tangible net asset
value per Absa 14,696 14,688 -0.1% 14,688 -0.1%
Group Share
(cents)
Weighted average
number of Absa 829.4 829.4 0.0% 829.4 0.0%
Group Shares in
issue (millions)
Weighted average
number of diluted 830.6 833.0 0.3% 833.0 0.3%
Absa Group Shares
in issue (millions)
Number of Absa
Group Shares in 847.8 894.4 5.5% 894.4 5.5%
issue (millions)
Notes to the pro forma financial effects:
1. The pro forma financial effects are based on the audited IFRS Annual Financial
Statements of Absa for the year ended 31 December 2022.
2. Basic and diluted earnings and headline earnings per share metrics are based on the
assumption that the Proposed B-BBEE Transaction on a stand-alone basis, and
cumulatively the Transactions, were implemented on 1 January 2022.
3. Net asset value and tangible net asset value per share metrics are based on the
assumption that the Proposed B-BBEE Transaction on a stand-alone basis, and
cumulatively the Transactions, were implemented on 31 December 2022.
4. The effects incorporate the fresh issuance of 46.6 million new Absa shares for cash.
The subscription is financed through existing cash in the structure (R330 million), a
preference share issuance to Absa Group (R6,176 million), and a capital contribution
(R1,807 million) by Absa Bank and fellow South African subsidiaries.
5. The preference share issuance and capital contribution are group neutral, with the
effects eliminated on consolidation.
6. The CSI Scheme and the SA Staff Scheme are consolidated in terms of IFRS and all
relevant Absa ordinary shares are treated as treasury shares (i.e. shares not issued)
for purposes of financial metric measurement under IFRS.
7. The SA Staff Scheme gives rise to shares which are treated as share options for
accounting purposes in terms of IFRS 2. The estimated total IFRS 2 charge for the SA
Staff Scheme is R2,251 million before taxation with no IFRS 2 charge on initial
recognition of the SA Staff Scheme. The IFRS 2 charge accrues over the 5-year period
through the income statement and as such has a continuing effect over the duration of
the scheme. As a result, a pro forma expense of R450.2 million before taxation is
recognised for the year ended 31 December 2022.
8. The impact of the Ex-SA Staff Schemes, assumes that all Absa group companies
outside South Africa agree to implement the schemes in their respective jurisdictions.
This represents a cash-settled share-based payment transaction per IFRS 2 with the
cost accruing over the 5-year period through the income statement. The share-based
payment expense, calculated as R150.1 million before taxation for purposes of the pro
forma financial information for the year ended 31 December 2022, will have a
continuing effect over the 5-year duration of the Ex-SA Staff Schemes and will be
remeasured at each reporting date.
9. The trickle dividends that accrue to eligible participants as a cash distribution under the
SA Staff Scheme, result in a reduction in the share-based payment reserve recognised
under IFRS 2, with no resultant cost impact in the pro forma financial effects.
10. The trickle dividends that accrue to eligible participants as a cash distribution under the
Ex-SA Staff Schemes, result in a reduction in the cash-settled liability.
11. For purposes of the pro forma financial effects, trickle dividends that accrue under the
CSI Scheme are assumed to be utilised to fund CSI initiatives during the financial
period in which they are received, resulting in a cost of R100.6 million recognised for
the year ended 31 December 2022. To the extent that the trickle dividend continues to
be utilised to fund CSI initiatives, the cost will have a continuing effect over the duration
of the CSI Scheme.
12. Initial implementation costs for the Proposed B-BBEE Transaction are approximately
R69.0 million (including VAT). This adjustment is not expected to have a continuing
effect post implementation.
13. The detailed pro forma financial effects of the CSI Scheme and the SA Staff Scheme
on a stand-alone basis, and cumulatively the Transactions, as well as a report thereon
by the reporting accountants will be provided in the circular to be sent to shareholders.
5. CONDITIONS PRECEDENT
The Proposed B-BBEE Transaction is subject to the fulfilment or, where applicable, waiver of,
inter alia, the following conditions precedent:
- approval by Absa shareholders of the requisite resolutions to give effect to the
Proposed B-BBEE Transaction, amongst others, (i) the specific issue of Absa shares
for cash, (ii) provisions of section 44 and 45 financial assistance, and (iii) the
amendment of Absa’s Memorandum of Incorporation to the increase of the ordinary
authorised share capital of Absa to R1,900 million (one billion and nine hundred million
Rand) divided into 950 million (nine hundred and fifty million) ordinary shares of R2
each, which increase would increase the current headroom from 4.9% to 5.9%;
- entering into of all the respective transactional agreements required to give effect to
the Proposed B-BBEE Transaction; and
- receipt of all required regulatory approvals, including the JSE Limited (“JSE”).
The implementation of the Ex-SA Staff Schemes is conditional upon the Proposed B-BBEE
Transaction becoming unconditional in accordance with its terms, and any necessary
approvals required by each non-South African subsidiary being obtained. Each non-South
African subsidiary will have the final discretion on the implementation of the Ex-SA Staff
Scheme for its jurisdiction.
6. EFFECTIVE DATE
Subject to all the conditions precedent being fulfilled, or waived as the case may be, Absa is
targeting the issuing of the Absa shares on 1 September 2023.
7. SHAREHOLDER APPROVAL, CIRCULAR AND GENERAL MEETING
In terms of the JSE Listings Requirements, the Proposed B-BBEE Transaction requires the
approval by way of an ordinary resolution (requiring at least 75% majority of the votes cast in
favour of such resolution). Approvals in terms of section 44 and 45 financial assistance and
the amendment of Absa’s Memorandum of Incorporation to the increase of the ordinary
authorised share capital of Absa require special resolutions.
A circular setting out the full terms and conditions of the Transactions and including a notice
convening a general meeting of Absa shareholders (“General Meeting”) (“Circular”) will be
posted to Absa shareholders in due course.
The General Meeting is planned to be held on 2 June 2023, on the same day as and after
Absa’s annual general meeting. Further details relating to the Transactions and the General
Meeting, and the related salient dates and times will be published on the Stock Exchange
News Service of the JSE in due course.
Johannesburg
31 March 2023
Enquiries:
Alan Hartdegen
E-mail: alan.hartdegen@absa.africa
Financial advisors: Oxford Partners and UBS
Joint sponsor and financial advisor: Absa Corporate and Investment Bank, a division of Absa
Bank Limited
Legal Advisor: Edward Nathan Sonnenbergs Inc.
Lead Independent Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Date: 31-03-2023 07:20:00
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