BRAIT SE - NET ASSET VALUE (?NAV?) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE 2012

Brait SE
(Registered in Malta as a European Company)
(Registration No.SE1)
Share code: BAT & ISIN: LU0011857645
('Brait', 'the Company' or 'the Group')



NET ASSET VALUE ('NAV') UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE
2012

Shareholders of the Company are advised that:


  - NAV per share as at 30 June 2012 increased by 5.2% to R21.66
    (31 March 2012:R20.59 per share).

  - Total NAV increased by R536 million to R10.857 billion
    (31 March 2012: R10.321 billion).

  - Pepkor valuation increased by 5.2% on the back of continued
    strong operational performance.

  - Premier Foods valuation increased by 6.2% reflective of the

    improvement in performance during the second half of its 2012
    financial year.

  - Iceland Foods valuation increased by 10.3%, resulting from

    strong cash flow generation and the weakening of the Rand.

  - The movement in the above carrying values is a result of

    operational performances with no change to the valuation
    multiples.

  - The balance of the portfolio is performing to expectations.

  - The Group cash position remains well managed at R509 million.

  - Operating costs remain under control and in line with
    performance targets.

NAV Analysis:

                                          30-Jun-12      31-Mar-12

                                                R'm            R'm

Investments                                  10,500          9,961


Pepkor                                           7,052       6,701

Premier Foods                                    1,265       1,191

Iceland Foods                                    1,101         998

Private equity fund investments                    592         584

Other investments                                  391         384

Asset Management Units (AMU)                        99         103


Commercial loan to Investment Team               1,315       1,284

Cash and cash equivalents                          509         523

Property and equipment                               7           6

Accounts receivable                                 17          20


Total Assets                                    12,348      11,794

Loans and borrowings                        (1,401)     (1,370)

Deferred tax liability                         (40)        (40)

Accounts payable                               (50)        (63)


Total Liabilities                           (1,491)     (1,473)


Net Asset Value                              10,857      10,321

Number of issued shares ('mil)

excluding treasury shares                     501.3       501.3


Net asset value per share                     21.66       20.59


Listed Perpetual Preference Shares


In the circular to shareholders issued on 3 July 2012 (refer to

www.Brait.com), the Company expressed its intention to enter into

a new capital raising programme, without causing dilution to its

ordinary shareholders. At the Extraordinary General Meeting to be

held on 25 July 2012, the Company will seek permission from its

shareholders to create capacity for a R2 billion listed Perpetual

Preference Share programme. Initial issuances will be utilized to

repay the Group's existing borrowings to minimize the level of

uninvested capital. The balance of the issuances over the next

18-24 months, together with the borrowing facilities then

unutilized, will give the Group capacity for new investments of up

to R2.5 billion. Aligned to Brait's growth strategy, the proposed
capital raising provides the following benefits:

   ' Diversified, cost-efficient permanent capital;

   ' Further strengthens the Company's existing capital base;

   ' Effectively lowers the Company's cost of capital; and
   ' Non-dilutionary for ordinary shareholders.


The investment environment remains opportunistic with the

Investment Team focused on selecting only unique opportunities
that will enhance shareholder value.


The financial information on which this trading statement is based

has not been reviewed and reported on by the Company`s external
auditors.


For and on behalf of the Company's Board of Directors

Phillip Jabulani Moleketi
Non-Executive Chairman
19 July 2012

The Company is primarily listed on the Euro MTF market of the

Luxembourg Stock Exchange and secondarily listed on the
Johannesburg Stock Exchange.

Sponsor

RAND MERCHANT BANK (a division of FirstRand Bank Limited)


Date: 19/07/2012 07:05:00 Supplied by www.sharenet.co.za                     
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