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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 2021 is set out below.
Summary Change 31 March 31 December 31 December 31 December 31 December
Dec 2020 to Mar 2021 2021 2020 2019 2018 2017
(%)
Intrinsic NAV of Brimstone (Rm) 5.5 3 466.2 3 284.8 3 349.3 3 899.6 4 317.9
Book NAV (Rm) 0.7 2 509.8 2 491.3 2 516.2 2 713.4 2 782.0
Intrinsic NAV per share (cents) ¹ 5.2 1 367.2 1 299.3 1 419.3 1 615.1 1 800.9
Fully diluted Intrinsic NAV per share (cents) ¹ 4.9 1 345.4 1 282.7 1 410.3 1 598.8 1 750.9
Book NAV per share (cents) 0.5 989.9 985.5 1 066.3 1 123.8 1 160.3
Market price per share (cents)
Ordinary shares 10.7 643 581 765 1 050 1 300
‘N’ Ordinary shares 12.3 730 650 775 949 1 125
Discount to Intrinsic NAV
Ordinary shares 53.0% 55.3% 46.1% 35.0% 27.8%
‘N’ Ordinary shares 46.6% 50.0% 45.4% 41.2% 37.5%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 31 March 2021 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 % Closing Closing Valuation basis Gross value Debt CGT March 2021 March 2021 Gross December December Increase /
held share price share (R'000) (R'000) (R'000) Intrinsic Intrinsic portfolio 2020 2020 (Decrease)
at 31 March price at NAV (R'000) NAV per weighting Intrinsic Intrinsic (%)
2021 31 share (%) NAV NAV per
December (cents) (R'000) share
2020 (cents)
Oceana² 25.01% 66.00 64.25 Market value per share 2 153 389 - - 2 153 389 849.3 35.8 2 096 292 829.2 2.4
Sea Harvest ² 54.2% 15.00 14.26 Market value per share 2 393 491 - - 2 392 491 943.6 39.7 2 274 461 899.7 4.9
Life Healthcare 3 0.6% 18.50 16.82 Market value per share 152 618 (228 736) (30 348) (106 465) (42.0) 2.5 (452 883) (179.1) (76.6)
Life Healthcare 100% Option valuation 75 664 - (16 949) 58 716 23.2 1.3 268 883 106.4 (78.2)
Zero Cost Collar 4
Equites 2.2% 18.83 17.37 Market value per share 262 841 - (17 972) 244 869 96.6 4.4 229 055 90.6 6.6
Phuthuma Nathi 2.8% 133.00 118.75 Market value per share 252 091 - (3 443) 248 648 98.1 4.2 225 082 89.0 10.2
Stadio & Milpark 5.2% 2.85 1.95 Market value per share 169 967 - - 169 967 67.0 2.8 130 759 51.7 29.6
& cost
Investment 100.0% Capitalisation rate 57 500 - - 57 500 22.7 1.0 57 500 22.7 (0.3)
properties
FPG Property 9.9% Book value 202 477 - (15 604) 186 873 73.7 3.4 171 453 67.8 8.7
Fund
MTN Zakhele Futhi 1.5% 13.45 9.67 Market value per share 24 463 - - 24 463 9.6 0.4 17 588 7.0 38.7
Aon Re Africa 18.0% PE valuation 69 906 - (13 871) 56 035 22.1 1.2 62 319 24.7 (10.3)
House of Monatic 100.0% Adjusted book value 6 369 - - 6 369 2.5 0.1 6 369 2.5 (0.3)
Other investments Various Valuation 132 864 - (10 384) 122 480 48.3 2.2 127 559 50.5 (4.3)
Cash / (net debt) 100.0% Book value 69 760 (2 139 894) (78 969) (2 149 103) (847.7) 1.2 (1 929 664) (763.3) 11.0
6 022 401 (2 368 629) (187 540) 3 466 232 1 367 100.0 3 284 773 1 299 5.2
Intrinsic NAV per share (cents) 2 375 (934) (74) 1 367
Fully diluted Intrinsic NAV per share (cents) 2 338 (919) (73) 1 345
Notes:
1. Based on 254 million shares (December 2020: 253 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 264 850 108 264 850 108
Treasury shares (fully diluted number is net unvested FSPs) (11 313 861) (7 218 923)
Net shares in issue for Intrinsic NAV purposes 253 536 247 257 631 186
2. No CGT provided on shareholding in Sea Harvest and Oceana due to potential use of the corporate relief provisions of the Income Tax Act.
3. 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.
4. The Zero Cost Collar derivative over the Life Healthcare investment was valued as at 31 March 2021.
The Intrinsic NAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2020, 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.
26 May 2021
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 26-05-2021 02:00:00
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