Wrap Text
RMI - Rand Merchant Insurance Holdings Limited - Summarised, unaudited
interim results announcement and cash dividend declaration for the six months
ended 31 December 2011
RAND MERCHANT INSURANCE HOLDINGS LIMITED
Registration number: 2010/005770/06
JSE ordinary share code: RMI
ISIN code: ZAE000153102
("RMI Holdings")
SUMMARISED, UNAUDITED INTERIM RESULTS ANNOUNCEMENT AND CASH DIVIDEND
DECLARATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
Normalised earnings
R1,03 billion or 69,1 cents
Dividend
R0,45 billion or 30,0 cents
Intrinsic value
R21,52 billion or 1 448 cents
GROUP RESTRUCTURING
Shareholders are referred to the restructuring implemented by RMB Holdings
Limited ("RMBH") at the beginning of March 2011. In the context of Rand
Merchant Insurance Holdings Limited ("RMI Holdings") this included, inter
alia, the following steps:
the separation of RMBH`s insurance and banking interests, through the
transfer of RMBH`s insurance interests to RMI Holdings (then a wholly-owned
subsidiary); and
the unbundling of RMI Holdings to RMBH`s ordinary shareholders on a one-for-
one basis and the separate listing of RMI Holdings on the JSE as an insurance-
focused investment entity.
After the restructuring and further subsequent acquisitions, the interests of
RMI Holdings comprise an investment portfolio of South Africa`s premier
insurance brands:
25% of Discovery Holdings Limited ("Discovery");
26% of MMI Holdings Limited ("MMI");
90% of OUTsurance Holdings Limited ("OUTsurance"); and
76% of RMB Structured Insurance Limited ("RMBSI").
RMI Holdings was incorporated on 24 March 2010. The effective date of the
transfer of the investments from RMBH was 1 March 2011. RMI Holdings thus had
no activity during the prior comparative reporting period ended 31 December
2010. Where reference is made to the prior year in this announcement, it
refers to the performance as recorded within the underlying entities.
THE RMI HOLDINGS GROUP AT A GLANCE
RMI Holdings is a strategic investor in some of Southern Africa`s most
prominent insurance groups. Our interests include:
Discovery (effective interest: 26,7%*)
Discovery services the healthcare funding and insurance markets in South
Africa, the United Kingdom, United States and China. It is a pre-eminent
developer of integrated financial services products and operates under a
number of brand names, the more important of which are Discovery Health,
Discovery Life, Discovery Invest, DiscoveryCard, Vitality, PruHealth,
PruProtect and Ping An.
MMI (effective interest: 26,3%*)
MMI was formed from the merger of Momentum and Metropolitan, both sizeable
insurance-based financial services players in South Africa to create South
Africa`s third largest insurer. The core businesses of MMI are long-term
insurance, asset management, investment, healthcare administration and
employee benefits. Product solutions are provided to all market segments. MMI
operates in 12 countries outside of South Africa. It provides for the
assurance needs of individuals in the lower, middle and upper income markets,
principally under the Momentum and Metropolitan brand names.
OUTsurance (effective interest: 92,3%*)
OUTsurance is a direct personal lines and small business short-term insurer.
As pioneers of the OUTbonus concept, it has grown rapidly by applying a
scientific approach to risk selection, product design and claims management.
Youi, its direct personal lines initiative in Australia, and its South
African direct life insurance business are fast gaining traction.
RMBSI (effective interest: 80,5%*)
RMBSI holds both short-term and life insurance licenses. It creates bespoke
insurance and financial risk solutions for South Africa`s large corporations
by using sophisticated risk techniques and innovative financial structures.
In addition, it partly owns a portfolio of underwriting management agencies.
* RMI Holdings` effective interest in these group entities shows variations
from the actual holdings as a result of consolidation adjustments by such
entities of treasury shares held by them; shares held in them by their staff
share incentive trusts; "deemed" treasury shares arising from BEE
transactions entered into as well as "deemed" treasury shares held in them by
policyholders and mutual funds managed by them.
At 31 December 2011 the effective interest held as recorded above can be
compared to the actual interest of RMI Holdings in the statutory issued share
capital of the companies as follows:
Effective Actual
Discovery 26,7% 25,0%
MMI 26,3% 26,0%
OUTsurance 92,3% 89,9%
RMBSI 80,5% 76,4%
OPERATING ENVIRONMENT
In the six months to 31 December 2011, an already fragile global economic
recovery was negatively affected by a number of unprecedented events,
including the downgrade of the USA`s credit rating and the Eurozone crisis.
Sentiment was further depressed by heightened concern that China would
experience a significant slowdown in growth. Developed markets continued to
experience muted growth but generally have limited policy space to support
further expansion. While lower inflation and the easing of monetary policy
should support growth in emerging economies, some of these countries continue
to face structural risks associated with their growth models. Africa`s
economic recovery continued and sub-Saharan Africa (excluding South Africa)
is expected to grow GDP by between 6% and 7% in the current financial year,
making it one of the developing regions with the highest growth prospects.
Growth rates in South Africa moderated. The global slowdown was further
amplified by local factors such as significant industrial action in the third
quarter which depressed manufacturing and mining output. Supported by real
income growth, households continued to drive the expansion, while capital
investment and overall corporate activity remained subdued (albeit with
pockets of moderate growth). Single digit growth in credit extension was
below the increase in nominal GDP. The SARB maintained a monetary policy
stance designed to stimulate economic activity.
OVERVIEW OF RESULTS
Notwithstanding this fragile economic backdrop, all of the significant
businesses in which RMI Holdings is invested, produced good results for the
half year, with strong positive to exceptional growth being recorded in
(unaudited) normalised earnings by Discovery and OUTsurance:
Six months ended Year
31 December ended
R million 2011 2010 % 30 June
Unaudited Unaudited change 2011
Unaudited
Discovery 1 125 941 20 2 028
MMI 1 294 1 243 4 2 588
OUTsurance 490 318 54 746*
RMBSI 5 15 (67) 92
* The normalised earnings of OUTsurance for the year ended 30 June 2011
have been restated to take into account the effect of a change in a
profit sharing arrangement with FNB.
RMI Holdings` attributable share of the outcome for the six months ended 31
December 2011 was as follows:
Six months ended
31 December
2011 2011
Unaudited Unaudited
R million Cents per
share
Attributable earnings 934 63,0
Headline earnings 917 61,9
Normalised earnings 1 027 69,1
RMI Holdings considers normalised earnings per share to most accurately
represent operational performance as this removes the impact of non-recurring
items and financial reporting anomalies. The commentary below focuses on
normalised earnings as its main measurement. A reconciliation of the
adjustments made to derive normalised earnings is presented in the
accompanying schedules. The computation of normalised earnings has not been
audited.
RMI Holdings already held its interest in the underlying investments at the
stage that the dividends for the six months ended 31 December 2010 were paid
by the underlying entities. The interim dividend declared by RMI Holdings for
the six months ended 31 December 2011 may thus be compared to the prior
period as follows:
Interim Year
ended
31 December March % change 30 June
Cents 2011 2011 2011
RMI Holdings 30,0 22,8 32 56,5
The interim dividend is covered 2.3 times by the normalised earnings of 69,1
cents per share.
SOURCES OF INCOME
Predominantly sourced from Southern Africa, RMI Holdings` well-diversified
income stream is drawn from the full spectrum of insurance business:
- Health 12%
- Life 46%
- Short-term 40%
- Asset management 2%
INTRINSIC VALUE
The group`s intrinsic value reflected the recovery in financial sector equity
values experienced over the period:
As at
31 December 30 June
R million 2011 2011 % change
Market value of interest in:
- Discovery 6 440 5 707 13
- MMI 6 697 6 654 1
Directors` valuation of interests in 8 736 7 754 13
unlisted subsidiaries
Total market and directors` valuation 21 873 20 115 9
Net borrowings (353) (536) 34
Total intrinsic value 21 520 19 579 10
Market capitalisation 19 908 18 348 9
Discount (%) (7,5) (6,3)
Intrinsic value per RMI Holdings 1 448 1 318 10
share (cents)
Market price per RMI Holdings share 1 340 1 235 9
(cents)
The gross preference share liability carried at the centre amounted to R1,45
billion at 31 December 2011 while the funding cost incurred thereon during
the half year amounted to R55 million, giving rise to an extrapolated
annualised funding cost of 7,5% p.a.
INTERIM DIVIDEND PAYMENT
RMI Holdings follows a stated intention of returning net dividends (after
providing for funding and operational costs incurred at the centre) received
by it in the ordinary course of business to shareholders.
The board is of the opinion that RMI Holdings is adequately capitalised at
this stage and that the company will be able to meet its obligations in the
foreseeable future after payment of the interim dividend.
Having due regard to the interim dividend receivable from our underlying
investments and applying the dividend practice outlined above, the board of
RMI Holdings has resolved to declare an interim dividend of 30,0 cents per
share (2010: 22,8 cents). Such dividend is covered 2,3 times by the
normalised earnings per share.
This interim dividend accrues to shareholders before the advent of Dividend
Withholding Tax on 1 April 2012. The liability for Secondary Tax on Companies
resides with RMI Holdings.
OUTLOOK FOR THE COMING YEAR
We expect that domestic economic conditions will remain subdued for the
remainder of the current financial year.
Of our core investments:
Discovery has developed a powerful ambition of becoming a multinational
organisation. To achieve this, it is making a significant reinvestment of
profitability into building out Discovery businesses. Notably, a continued
investment is being made in existing South African businesses and in new
businesses such as Discovery Insure as well as pursuing its international
ambitions, albeit with a capital-light model wherein significant
international expansion can leverage the capital strength, brand and presence
of its international partners.
MMI expects that growth in new business volumes will remain dependent on the
economic environment, including a recovery in employment and stronger
disposable income levels. It has implemented strategic plans and integration
processes to identify and optimise structures, operations, target markets,
distribution channels and product offerings. It believes that these are
appropriate to unlock value and generate a satisfactory return on capital
over time.
OUTsurance expects its South African personal lines business to remain under
pressure as consumers strive to reduce personal debt levels and defer new
asset acquisitions. Its commercial lines business is expected to continue to
gain market share. Youi is expected to reach monthly profitability in the new
financial year.
The quality of RMI Holdings` investments and their respective strategies
should underpin the group`s ability to provide us, as shareholders, with
sustainable superior returns.
The restructuring of the RMI Holdings group has been well received by both
shareholders and market participants. We are extremely pleased that Royal
Bafokeng Holdings saw fit to increase their shareholding in RMI Holdings to
15%. We trust that their vote of confidence will in due course be amply
rewarded.
For and on behalf of the board
GT Ferreira
Chairman
P Cooper
Chief executive officer
Sandton
7 March 2012
REVIEW OF INVESTMENT PERFORMANCE
Discovery
Discovery`s performance over the six months to 31 December 2011 was excellent
and reflected a continuation of the strategy laid out previously. The
organisation`s strategy is predicated on a core purpose that aims to make a
profound impact on the people it serves and a commitment to positive societal
change.
Discovery`s businesses can be characterised into three distinct groupings:
established businesses that typically exceed five years of age;
developing businesses with a maturity of between 3 years to 5 years; and
emerging businesses with less than three years since inception.
It is within this context that the results should be considered. Operating
profit before tax from established businesses grew by 11% to R1 544 million,
that of developing businesses by 523% to R243 million while the investment in
emerging businesses consumed R158 million of earnings (prior period R95
million).
This translated into a financial performance that exceeded expectation, with:
new business volumes of R4,5 billion (+21%) on an Annual Premium Income
basis; while
normalised headline earnings increased by 20% to R1,13 billion; and
embedded value increased by 18% to R28,4 billion.
RMI Holdings included R281 million of Discovery`s earnings in its normalised
earnings for the six month period.
For an in-depth review of Discovery`s performance, RMI Holdings` shareholders
are referred to www.discovery.co.za.
MMI
MMI`s operating environment for the period under review remained difficult.
Although significant progress has been made to restructure the group and to
start the integration of people, processes and systems, the financial
benefits of the merger are not yet reflected to any material extent in the
results. Certain restructuring costs are incurred as part of the integration
process, whereas the savings will only accrue over time as the synergies are
being realised over the next two to three years.
Group merger savings of approximately R90 million were achieved to 31
December 2011, but were largely neutralised by merger related costs. The
largest single cost in this regard related to the Redeployment Centre that
houses employees who may not be retrenched as a consequence of the
Competition Tribunal condition in respect of the merger approval.
The key features of the MMI Holdings results for the six months ended 31
December 2011 compared to the results for the six months ended 31
December 2010 for segmental reporting purposes are as follows:
an increase of 4% in core headline earnings for the group to R1 294 million;
a reduction of 3% in overall new business volumes to R2 920 million on an
Annual Premium Equivalent basis;
a 13% reduction in the value of new business to R311 million;
a reduction in MMI`s overall new business margin from 1,6% to 1,5%; and
an embedded value of R30,8 billion as at 31 December 2011, representing an
annualised return on embedded value of 7,1%.
RMI Holdings included R323 million of MMI`s earnings in its normalised
earnings for the six month period.
For an in-depth review of MMI`s performance, RMI Holdings` shareholders are
referred to www.mmiholdings.co.za.
OUTsurance
OUTsurance delivered an exceptional performance for the half year by growing
headline and normalised earnings by 36% and 54% respectively. Normalised
earnings attributable to ordinary shareholders amounted to R490 million for
the six months.
The key drivers behind the growth were a continuing favourable claims
environment in South Africa and a significant decrease in the start-up loss
of Youi, the Australian personal lines initiative launched in August 2008.
A significant contributor to the earnings performance was the continued
favourable claims environment in South Africa, characterised by benign
weather conditions, a decrease in crime related claims and a strong Rand
translating into lower replacement car part prices. These resulted in a
claims ratio of 49% (prior period: 55%). The South African short-term
insurance operation continued to expand market share. Premium growth came
under pressure due to weak economic activity, low levels of premium inflation
and an increasing competitive landscape.
OUTsurance Life`s fully underwritten product for the South African market
which was launched during August 2010, continues to gain traction.
Youi continued to entrench its brand and its personal lines product offering
and showed impressive new growth during the six months under review. The
business continues to track expectations and is expected to achieve breakeven
during the 2013 financial year.
RMI Holdings included R441 million of OUTsurances`s earnings in its
normalised earnings for the six month period.
For an in-depth review of OUTsurance`s performance, RMI Holdings`
shareholders are referred to www.outsurance.co.za.
RMBSI
RMBSI continues to focus on a diversified business strategy to bolster its
retainer base income on the back of the more traditional insurance business.
This is beginning to bear fruit and the business mix is trending in the right
direction.
RMI Holdings included R4 million of RMBSI`s earnings in its normalised
earnings for the six month period.
summarised consolidated income statement
for the period ended
31 December 30 June
R million 2011 2011
Unaudited Audited
Share of after tax results in associates 503 318
Earned premiums net of reinsurance 3 286 2 071
Fee income 59 50
Investment income 329 (58)
Income 4 177 2 381
Net claims paid (1 508) (306)
Investment contract benefits and insurance (243) (323)
provisions
Fair value adjustment to financial liabilities (106) (54)
Acquisition, marketing and administration expenses (955) (595)
Operating profit 1 365 1 103
Net finance costs (66) (46)
Profit before taxation 1 299 1 057
Taxation (322) (342)
Profit for the period 977 715
Attributable to:
Equity holders of RMI Holdings 934 570
Non-controlling interests 43 145
Profit for the period 977 715
summarised consolidated statement of comprehensive income
for the period ended
31 December 30 June
R million 2011 2011
Unaudited Audited
Profit for the period 977 715
Other comprehensive income/(loss), net of taxation
Currency translation differences 80 8
Fair value movement on available-for-sale 25 (3)
financial assets
Share of other comprehensive income/(loss) of 94 (31)
associates
Other comprehensive income/(loss) for the period 199 (26)
Total comprehensive income for the period 1 176 689
Total comprehensive income attributable to:
Equity holders of RMI Holdings 1 124 542
Non-controlling interests 52 147
Total comprehensive income for the period 1 176 689
computation of headline and normalised earnings
for the period ended
31 December 30 June
R million 2011 2011
Unaudited Audited
Earnings attributable to equity holders 934 570
Share of adjustments made by associates: (17) (45)
Realised profit on sale of available-for-sale (22) (1)
financial assets
Goodwill and other impairments 5 -
Realised profit on intellectual property - (15)
Realised profit on investment property - (29)
Headline earnings attributable to equity holders 917 525
Share of normalised adjustments made by 136 129
associates:
Amortisation of intangible assets relating to 79 50
business combinations
Basis changes and investment variances 40 47
Finance costs raised on puttable non-controlling 19 -
interest financial liability
BEE costs and share based expenses 6 1
Net realised and fair value (gains)/losses on (24) 19
excess
Other 16 12
Share of normalised adjustments made by - (3)*
subsidiaries
Group treasury shares (26) (18)
Normalised earnings attributable to equity 1 027 633
holders**
Normalised earnings from:
Discovery 281 165
MMI 323 223
OUTsurance 441 200*
RMBSI 4 48
1 049 636
Funding and holding company costs (22) (3)
Normalised earnings attributable to equity 1 027 633
holders**
* The normalised earnings of OUTsurance for the period ended
30 June 2011 have been restated to take into account the effect
of a change in a profit sharing arrangement with FNB.
** Unaudited.
summarised consolidated statement of financial position
as at
31 December 30 June
R million 2011 2011
Unaudited Audited
ASSETS
Property and equipment 290 211
Goodwill and other intangible assets 20 32
Investments in associates 9 600 9 274
Financial assets 7 266 6 287
Loans and receivables including insurance 386 526
receivables
Deferred acquisition cost 38 44
Reinsurance contracts 287 239
Deferred taxation 313 316
Cash and cash equivalents 2 463 2 456
Total assets 20 663 19 385
EQUITY
Share capital and premium 13 619 13 571
Reserves (1 915) (2 549)
Capital and reserves attributable to equity 11 704 11 022
holders of the company
Non-controlling interests 310 281
Total equity 12 014 11 303
LIABILITIES
Insurance contracts 4 353 4 018
Financial liabilities 3 523 3 338
Payables and provisions 529 481
Deferred taxation 190 220
Taxation 54 25
Total liabilities 8 649 8 082
Total equity and liabilities 20 663 19 385
summarised consolidated statement of cash flows
for the period ended
31 December 30 June
R million 2011 2011
Unaudited Audited
Cash available from operating activities 1 661 829
Dividends paid (501) (339)
Investment activities (1 050) (4 214)
Financing activities (179) 3 625
Net decrease in cash and cash equivalents (69) (99)
Unrealised foreign currency translation 76 24
adjustments
Cash and cash equivalents acquired* - 2 531
Cash and cash equivalents at the beginning of the 2 456 -
period
Cash and cash equivalents at the end of the period 2 463 2 456
* Cash and cash equivalents acquired relate to cash balances held by
subsidiaries acquired.
computation of earnings per share
for the period ended
31 December 30 June
R million 2011 2011
Unaudited Audited
Earnings and headline earnings per share
Earnings attributable to equity holders 934 570
Headline earnings attributable to equity holders 917 525
Number of shares in issue (millions) 1 486 1 486
Weighted average number of shares in issue 1 481 493
(millions)
Earnings per share (cents) 63,0 115,6
Diluted earnings per share (cents)* 62,9 114,2
Headline earnings per share (cents) 61,9 106,4
Diluted headline earnings per share (cents)* 61,8 105,0
Normalised earnings per share**
Normalised earnings attributable to equity holders 1 027 633
Weighted average number of shares in issue 1 486 495
(millions)
Normalised earnings per share (cents) 69,1 127,8
Diluted normalised earnings per share (cents)* 68,6 125,0
Dividend per share (cents)
Interim 30,0 22,8
Final - 33,7
Total 30,0 56,5
Dividend cover (relative to headline earnings) 2,1 1,9
Dividend cover (relative to normalised earnings)** 2,3 2,3
* The diluted earnings calculations give cognisance to the adjustments
made by Discovery and MMI in similar calculations, as well as group
treasury shares.
** Unaudited.
summarised consolidated statement of changes in equity
R million Share Equity Trans- Other non-
capital accounted actions distributable
and reserves with non- reserves
premium controlling
interests
Shares issued 13 657 - - -
Recognition of - - - -
non-controlling
interest
Acquisition of - - (2 657) -
additional interest
in subsidiaries
Total comprehensive - (31) - 3
income for the
period
Dividend paid - - - -
Reserve movements - - - 20
relating to
subsidiaries
Reserve movements - (96) - -
relating to
associates
Income of - 9 - -
associates retained
Movement in (86) 1 - -
treasury shares
Balance at 13 571 (117) (2 657) 23
30 June 2011
(audited)
Sale of shares in - - 10 -
subsidiary
Total comprehensive - 94 - 96
income for the
period
Dividend paid - - - -
Reserve movements - - - 22
relating to
subsidiaries
Reserve movements - (3) - -
relating to
associates
Income of - 183 - -
associates retained
Movement in 48 5 - -
treasury shares
Balance at 13 619 162 (2 647) 141
31 December 2011
(unaudited)
summarised consolidated statement of changes in equity
R million Retained Non- Total
earnings controlling equity
interests
Shares issued - - 13 657
Recognition of non-controlling - 1 592 1 592
interest
Acquisition of additional interest - (1 352) (4
in subsidiaries 009)
Total comprehensive income for the 570 147 689
period
Dividend paid (339) (104) (443)
Reserve movements relating to (20) (2) (2)
subsidiaries
Reserve movements relating to - - (96)
associates
Income of associates retained (9) - -
Movement in treasury shares - - (85)
Balance at 30 June 2011 (audited) 202 281 11 303
Sale of shares in subsidiary - 5 15
Total comprehensive income for the 934 52 1 176
period
Dividend paid (501) (37) (538)
Reserve movements relating to (23) 9 8
subsidiaries
Reserve movements relating to - - (3)
associates
Income of associates retained (183) - -
Movement in treasury shares - - 53
Balance at 31 December 2011 429 310 12 014
(unaudited)
DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 30,0 cents per share was
declared on 7 March 2012 in respect of the six month period ended 31
December 2011.
Shareholders` attention is drawn to the following important dates:
* Last day to trade in order to participate
in this dividend Friday, 23 March 2012
* Shares commence trading "ex dividend" on Monday, 26 March 2012
* The record date for the dividend payment
will be Friday, 30 March 2012
* Dividend payment date Monday, 2 April 2012
No dematerialisation or rematerialisation of share certificates may be done
between Monday, 26 March 2012 and Friday, 30 March 2012 (both days
inclusive).
By order of the board
JS Human
Company secretary
7 March 2012
BASIS OF PREPARATION OF RESULTS
The accompanying summarised financial results for the six months ended 31
December 2011 reflect:
the consolidation of the operations of RMI Holdings and its subsidiaries,
including OUTsurance and RMBSI; and
RMI Holdings` proportionate interest in its associates, Discovery and MMI,
which have been equity accounted.
The summarised financial results for the six months ended 31 December 2011
were prepared in accordance with:
International Financial Reporting Standards (IFRS), including IAS 34:
Interim Financial Reporting;
the requirements of the South African Companies Act, Act 71 of 2008, as
amended; and
the Listings Requirements of the JSE Limited.
The accounting policies applied in the preparation of the summarised
financial results for the six months ended 31 December 2011 are consistent
with those applied in the previous financial reporting period ended 30 June
2011.
There is no comparative financial information for the six months ended 31
December 2010, as the effective date for the transfer of RMI Holdings`
investments from RMBH was 1 March 2011. Therefore the information provided
for the period ended 30 June 2011 effectively includes income from the
underlying investments for the four months ended 30 June 2011, which
represented the first financial reporting period of RMI Holdings.
The results are unaudited and have been prepared under the supervision of
Peter Cooper CA(SA).
RAND MERCHANT INSURANCE HOLDINGS LIMITED ("RMI Holdings")
Registration number: 2010/005770/06
JSE ordinary share code: RMI
ISIN code: ZAE000153102
Directors: GT Ferreira (Chairman), P Cooper (CEO), LL Dippenaar,
JW Dreyer, JJ Durand, PM Goss, PK Harris, TV Mokgatlha,
(Ms) SEN Sebotsa, KC Shubane and MH Visser
Alternates: NDJ Carroll (appointed 18 October 2011), L Crouse (appointed 18
October 2011)
Secretary: AL Maher (resigned 19 October 2011), JS Human (appointed
19 October 2011)
Physical address and registered office: 3rd Floor, 2 Merchant Place, corner
of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address: PO Box 786273, Sandton, 2146
Telephone: +27 11 282 8166
Telefax: +27 11 282 4210
Web address: www.rminsurance.co.za
Sponsor: (in terms of JSE Limited Listings Requirements)
Rand Merchant Bank (a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road,
Sandton, 2196
Transfer secretaries: Computershare Investor Services (Pty) Limited
Physical address: Ground Floor, 70 Marshall Street, Johannesburg, 2001
Postal address: PO Box 61051, Marshalltown, 2107
Telephone: +27 11 370 5000
Telefax: +27 11 688 5221
Date: 07/03/2012 08:00:03 Supplied by www.sharenet.co.za
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