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BCK - Blackstar Group SE - Blackstar Q4 net asset value ("NAV") update Blackstar Group SE Previously Blackstar Group PLC (Incorporated in England and Wales) (Company number SE 30) (registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10) Share code: BCK ISIN: GB00B0W3NL87 ("Blackstar" or "the Company") BLACKSTAR Q4 NET ASSET VALUE ("NAV") UPDATE INTRINSIC NAV AS AT 31 DECEMBER 2011 GBP ZAR NAV per share 1.00 12.52 Ordinary share price 0.715 10.10 Ordinary share price discount to 28% 19% NAV Total net assets 82.0m 1,027.7m Market capitalisation 58.7m 829.1m Notes 1 All information is unaudited. 2 The intrinsic NAV provides a measure of the underlying value of the Group`s assets and does not indicate when the investments will be realised. 3 For the purposes of determining the intrinsic values, listed investments on recognised stock exchanges are valued using quoted bid prices at 31 December 2011 and unlisted investments are shown at directors` valuation, determined using the discounted cash flow methodology. This methodology uses reasonable assumptions and estimations of cash flows and terminal values, and applies an appropriate risk-adjusted discount rate that quantifies the investment`s inherent risk to calculate a present value. Given the subjective nature of valuations, the Group is cautious and conservative in determining the valuations and has a track record of selling its unlisted investments in the ordinary course of business above the levels at which it values them. 4 All amounts have been translated using the closing exchange rates at 31 December 2011. Portfolio Summary Blackstar`s NAV at 31 December 2011 consisted of investments in the following sectors: Sector Net Asset Value % Health Care 39.8 Industrials 23.7 Services 11.0 Other 5.8 Cash and cash equivalents 19.7 100.0
Portfolio Performance: The intrinsic NAV per share in Pound Sterling has declined since 31 December 2010. This was largely due to depreciation of the South African Rand against Pound Sterling by 17% since 31 December 2010 and the decrease in the value of the Group`s steel and roofing assets. The dilutionary effect of the R100 million issue of shares at 85 pence per share and dividend distribution to shareholders of GBP 6.2 million (7.4 pence per share) also contributed to the decline in the intrinsic NAV per share. Outlook: Our investment in Litha Healthcare Group Limited continues to perform strongly. It is well managed with good growth prospects for the future. The Group has now completed the restructuring of its steel and roofing assets and despite the challenging environment we are optimistic that these investments are now set for growth. We are excited about the recent acquisition of a 28% interest in Mvelaphanda Group Limited and the prospects that it holds. Given the uncertainty in Europe and upcoming US presidential election, 2012 is likely to be equally as challenging as 2011. For further information, please contact: Blackstar Group SE John Kleynhans +352 402 505 427 Liberum Capital Limited Chris Bowman / +44 (0) 20 3100 2222 Christopher Britton PSG Capital (Pty) Limited David Tosi +27(0) 21 887 9602 Date: 18/01/2012 15:20:13 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
