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Salient features extracted from audited preliminary results for year ended 31/12/2020 and cash dividend declaration
SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
“Sabcap” or “the group” or “the company”
ISIN: ZAE000283511
JSE share code: SBP
SALIENT FEATURES EXTRACTED FROM THE AUDITED PRELIMINARY SUMMARISED
RESULTS for the year ended 31 December 2020
and cash dividend declaration
PROFILE PURSUANT TO SABCAP LISTING
Sabvest Capital Limited (Sabcap) is an investment group which was
listed on the JSE on 13 May 2020 as part of a restructuring in
which it acquired 100% of the ordinary and ‘N’ ordinary shares of
Sabvest Limited (Sabvest), which had been listed on the JSE since
1988, in exchange for a single class of Sabcap ordinary shares.
The Seabrooke Family Trust (SFT) controls Sabcap through an
unlisted ‘Z’ share.
At the year-end Sabcap had 40,96m shares in issue. The unaudited
profile of shareholders at year-end was as follows: SFT (39,0%);
Family offices and High Net Worth Indiviudals (29,2%);
Institutional Fund Managers (19,4%); Other (12,4%).
Sabcap has interests in nine unlisted investments and three listed
investments and held two investments as current assets which were
realised in Q1 2021, all accounted for on a fair value basis.
Sabcap’s primary focus is on industrial and service businesses,
usually unlisted and co-invested with family, management or
financial partners.
The unaudited combined gross revenues of Sabcap’s nine industrial
investees was R11,2bn in 2020. These exceeded R10bn for the first
time particularly aided by the growth and acquisitions in DNI.
Sabcap also makes finance advances, and holds listed debt, equity
and cash portfolios when it has surplus liquidity, and undertakes
other fee, finance and profit earning activities from time to
time.
RESULTS
%
change 2020 2019
Net asset value per
share – cents 12,0 7 444 6 648
Headline earnings per
share – cents (23,0) 708,5 920,0
Earnings per share – cents (23,0) 708,4 920,0
Dividends per share – cents (66,6) 25 75
Profit after taxation – R’m (23,2) 293,2 381,9
Total comprehensive income – R’m (6,5) 338,0 361,4
Shareholders’ funds – R’m 10,5 3 049,0 2 759,5
Gross assets – R’m 13,1 3 645,8 3 224,2
GROWTH METRICS
Sabcap’s primary financial metric is growth in NAV per share. The
table below sets out the growth rates over different periods. The
rates have been calculated without adding back dividends paid. The
growth metrics have not been audited but have been determined by
the directors based on audited information.
Percentage Compound Growth
1 year 3 years 5 years
Cents % % %
Net asset value per
share 7 444 12,0 13,5 14,9
GROWTH METRICS (continued)
Percentage Compound Growth
10 years 15 years
% %
Net asset value per
share 19,7 18,6
INVESTMENT HOLDINGS PER SECTOR
as at 31 December 2020
Number
of Economic Fair
Listed/ ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL
AND SERVICES
Apex Partners
Holdings
(Pty) Ltd U 44,8 128 484
Classic Food
Brands (Pty) Ltd U 25,0 13 290
DNI-4PL Contracts
(Pty) Ltd U 19,4 839 376
Flexo Line
Products (Pty) Ltd U 47,5 95 008
ITL Holdings Group U 30,0 655 073
Metrofile Holdings
Limited L 50 147 662 11,1 139 912
Rolfes Holdings
(Pty) Ltd U 25,1 145 452
SA Bias Industries
(Pty) Ltd U 59,9 768 590
Sunspray Food
Ingredients
(Pty) Ltd U 27,7 78 430
2 863 615
MINING AND
AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 172 150
172 150
SPECIALISED FINANCIAL
AND TECHNOLOGY
Corero Network
Security Plc L 36 250 000 7,3 72 754
Transaction Capital
Limited L 10 000 000 1,6 248 900
321 654
NON-CURRENT
INVESTMENT HOLDINGS 3 357 419
CURRENT INVESTMENTS
Brait S.E.
Convertible Bonds L 30 000 50 906
Rolfes Holdings
(Pty) Ltd U 35 435
Investment Funds
Offshore L 56 295
142 636
TOTAL HOLDINGS 3 500 055
CASH DIVIDEND DECLARATION
Notice is hereby given that a final dividend of 15 cents (2019: 39
cents) per ordinary share for the year ended 31 December 2020 has
been declared out of income reserves making a total of 25 cents
for the year (2019: 75 cents).
The issued share capital of the company at the declaration date is
41 000 000 ordinary shares. The income tax number of the company
is 9660061186.
Withholding tax on dividends at a rate of 20% will be deducted for
all shareholders who are not exempt in terms of the applicable
legislation. This will result in a final net cash dividend of 12
cents per ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 20 April 2021
Trading “EX” dividend commences Wednesday, 21 April 2021
Record date Friday, 23 April 2021
Dividend payment date Monday, 26 April 2021
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 21 April 2021 to
Friday, 23 April 2021, both days inclusive.
Sandton
25 March 2021
The short-form announcement, prepared by the directors, has itself
not been audited, however, the financial information included
herein has been extracted from the audited consolidated annual
financial statements which have been audited by Deloitte & Touche.
The above announcement is a summary of information in the full
announcement and does not contain full or complete details and is
the responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the full
announcement which is available on
https://senspdf.jse.co.za/documents/2021/JSE/ISSE/SBPE/YEres20.pdf
and published on the company’s website on
http://www.sabvestcapital.com/pdf/2021/YE-results-Dec20.pdf
on 25 March 2021. The full announcement is also available at
Sabvest’s registered office and the offices of the sponsor at no
charge, between 8:30 and 17:00, Monday to Friday.
The annual financial statements including the audit opinion of the
external auditor, Deloitte & Touche, which sets out the key audit
matters and the basis for its unmodified opinion, is available on
the company’s website on
http://www.sabvestcapital.com/pdf/2021/AFS-Dec20.pdf
REGISTERED ADDRESS: 4 Commerce Square, 39 Rivonia Road, Sandhurst,
Sandton 2196
COMMUNICATIONS: Postal address: PO Box 78677, Sandton 2146,
Republic of South Africa
Telephone: (011) 268 2400
Fax: (011) 268 2422
e-mail: ho@sabvest.com
TRANSFER SECRETARIES: Computershare Investor Services (Pty) Ltd,
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 (PO Box 61051,
Marshalltown 2107)
DIRECTORS: K Pillay # (Chairperson), BJT Shongwe # (Deputy
Chairperson and Lead Independent Director), CS Seabrooke * (Chief
Executive), O Ighodaro ^#, L Mthimunye #, R Pleaner *, L Rood *
*Executive #Independent ^Appointed 31 December 2020
SPONSOR: Rand Merchant Bank (A division of FirstRand Bank
Limited), 1 Merchant Place, Corner of Fredman Drive and Rivonia
Road, Sandton 2196
COMPANY SECRETARY: Levitt Kirson Business Services (Pty) Ltd
www.sabvestcapital.com
Date: 25-03-2021 07:05:00
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